photos.state.gov · Marija Savic, [email protected]; Jelica Lepori, [email protected]; Nataša Popović,...

U.S. Business Sector in SERBIA 20114

EDITorIAL DIrEcTor AND EDITor IN chIEfTatjana Ostojić[email protected]

AssIsTANT EDITorsSlavka Kovač[email protected] O’Brien [email protected]

ArT DIrEcTorIlija Petrović[email protected]

EDITorIAL coNTrIbuTorsNevena Marčić, Ana Stojanović

PhoTosZoran Raš

TrANsLATorSnežana Bjelotomić

ProjEcT mANAGErsVesna Vukajlović, [email protected]; Marija Savic, [email protected]; Jelica Lepori, [email protected]; Nataša Popović, [email protected];

GENErAL mANAGErIvan Novčić[email protected]

fINANcIAL DIrEcTorAna Besedić[email protected]

EDITorIAL mANAGEr Tanja Banković, [email protected]

PrINTINGRotografika d.o.o.Segedinski put 72, Subotica

u.s. busINEss sEcTor IN sErbIA 2011 Perspective for Partnership Published by: alliance international media in association with the U.S. Embassy Commercial Section. Special thanks to Bradley Harker, Senior Commercial Officer at the U.S. Embassy to Serbia

Kneginje Zorke 11b,11000 Belgrade, SerbiaPhone: +(381 11) 308 99 77, Fascimile: +(381 11) 308 99 88E-mail: office@allianceinternationalmedia.comwww.allianceinternationalmedia.comISSN no: 1451-7833

All rights reservedalliance international media 2011

6 PoTENTIAL for sIGNIfIcANT GrowTh,

H.E. MARY WARLICK, U.S. Ambassador to Serbia

10 PrEfErENTIAL sTATus rEsTorED,

NEBOJŠA ĆIRIĆ, Minister of the Economy and Regional Development

14 AN AcTIvE AND hELPfuL roLE,

DOUGLAS APOSTOL, Counselor for Economic Affairs, U.S. Embassy, Belgrade

17 rEGIoNAL LEADEr, DAVID BANJAI, Plant

Manager, Ball Packaging Europe Belgrade

18 sErbIA NEEDs rEbrANDING,

BRADLEY HARKER, Senior Commercial Officer at the U.S. Embassy to Serbia

20 ImProvING TrADE ExchANGE,

Cooperation between Serbia and the U.S.

26 A coNsTrucTIvE PArTNEr,

VLADAN ŽIVANOVIĆ, President of the AmCham

28 chALLENGING busINEss

ENvIroNmENT, PAUL RILEY, Managing Director of Philip Morris in Serbia

31 NELT, LEADING ThE wAy

32 sITEL comING To bELGrADE,

BOŽIDAR LAGANIN, Director of SIEPA

34 DIGITAL DAy 2011, Interactive

Advertising Bureau Serbia

36 A GLobAL LEADEr, MetLife

38 DrIvING forcE of ThE worLD,

Facts & Figures

43 ToP-TEN worLDwIDE, Luna\TBWA

44 A LAND of PromIsE AND hoPE,

History & Culture

46 ThE INDusTry of INDusTrIEs,

Tourism

49 rEGIsTry of u.s. comPANIEs AND

AmchAm mEmbErs

Contents

Per spective forPARTNERSHIPPer spective forPARTNERSHIP

U.S. BUSINESS SECTOR IN SERBIA 2011


Potential for Significant Growth

The United States is one of Serbia’s most impor-tant economic partners. The economic and po-litical relationship between the two countries,

in addition to the potential for the increased level of investment of U.S. companies, were some of the topics we discussed with H.E. Mary Warlick, the U.S. Ambassador to Serbia.

► You have been the U.S. Ambassador to Serbia for a year now. Could you tell us what bilateral coopera-tion between Serbia and the U.S. is like?- I’m very optimistic about the bilateral relationship between Serbia and the United States. I believe is it positive and dynam-ic and developing strong-ly in many important areas. I see Serbia’s future aligned with Europe and the Euro-Atlantic community. The United States has developed a close partnership with the armed forces of Serbia, and we are expanding that partnership into an ever-growing number of areas of civilian cooperation as well. The United States is one of the largest foreign investors in Serbia, and we are constantly working with the government here to im-

prove the investment climate so as to attract more American and international investment. We are committed to working with Serbia to help build a better future for this country, for the Serbian people, and for this region.

► In your opinion, what is the realistic result of the negotiations between Belgrade and Priština, and what is the best possible sce-

nario for these negotiations?- The United States strongly supports the Belgrade-Priština dialogue and I am pleased with the progress that is being made. It is very important that both sides work together in a pragmatic, flexible way to find practical solutions to issues that will help to improve living conditions for people in Serbia and Kosovo.

► To what extent will the result of the negotiations between Belgrade and Priština affect Serbia’s ac-cession to the EU and its relations with the U.S.?- We are confident that the dialogue can and will ben-efit people in both Kosovo and Serbia by addressing

practical, day-to-day issues and the long-term relation-ship between the two coun-tries. Positive, mutually-ben-eficial results from the dia-logue will also have a posi-

tive impact on the relationship between Serbia, your neighbors, Europe, and the United States.

► What is the United States’ view of the future of the Western Balkans market?- You know, the Western Balkans as a region current-

H.E. MArY WArlICk, U.S. Ambassador

to Serbia

By TaTjana OsTOjićPhoto ZorAn rAš

The United States is one of the largest foreign investors in Serbia, and we are constantly working with the government here to improve the investment climate so as to attract more American and international investment

The United States strongly supports the Belgrade-Priština

dialogue

Potential for Significant Growth

interview

U.S. Business Sector in SERBIA 2011 7

ly represents a market of more than $1 billion in ex-ports from the United States. As the global econo-my continues to recover, we expect to see a boost in exports from the United States to Serbia and the Western Balkans. We also expect to see increased in-terest by U.S. firms in exploring market opportunities in Serbia and the region as more countries, including Serbia, move toward EU accession status.

► You have said recently to CorD magazine that, in 2011, the U.S. would continue to support Serbia in its efforts to carry out the challenging economic, political and legal reforms required for the coun-try to join the EU. What instru-ments will the U.S. adminis-tration use in order to support Serbia in its endeavors and how can the Serbian government ex-pedite this process?- Our programs, assistance, and activities in Serbia are all aimed at creating a more prosperous Serbia that is legally and admin-istratively in harmony with west-ern and EU standards. We pro-vide assistance each year to help strengthen the rule of law and combat corruption, to support reform of the ju-diciary, police, and local government institutions, to support Serbian business-es, and to promote trans-parent open business practices. We also support a variety of programs aimed at providing educational and training opportunities for Serbian youth, the fu-ture leaders of Serbia. These programs help to build long-lasting relationships between young people in Serbia and the United States and offer unique op-portunities for academic, professional and leader-ship development. The goal of all these programs is to assist Serbia in its integration into the European Union and other western institutions.

► In light of economic issues, what is your view of the recent government reshuffle? To what extent will the reorganized Serbian government manage to make positive economic changes in the country in the final year of its term?- I am confident that the Government is committed to achieving all of the hard work that remains to be done to address Serbia’s economic challenges and advance its European integration goals. Government leaders have said that now that the reorganization is complete, they intend to redouble their efforts to

promote economic development and implement the government’s action plan to obtain EU candidate sta-tus this year. We strongly support those efforts and hope to see them move forward.

► The trade exchange between Serbia and the United States has been growing constantly. In your opinion, what is the economic relationship between the two countries like at this moment?- We have an excellent economic relationship with Serbia and are working with the Government and pri-vate companies to grow and expand trade between our two nations. I believe that there is potential for

significant growth in our bilat-eral trade. Pursuant to President Obama’s National Export Initiative, the United States is seeking to double the level of U.S. exports to world markets over the next five years. We believe that Serbia of-fers excellent market opportu-nities for many U.S. exports. On the other side of the equation, we welcome increased Serbian exports to the United States. We

even offer assistance to some Serbian firms to introduce their products to the U.S. market. USAID’s Agribusiness Project, for example, is assist-ing Serbian agricultural firms to increase their exports to global markets, including to

the United States. I was encouraged to see that one participant in this program, Sabac’s Mlekara Dairy, re-cently announced that it is commencing exports of “ala Kajmak” to Chicago, an area that has a significant Serbian-American population and could be an excel-lent target market for Serbian exporters.

I would be remiss, however, if I did not note the continuing business dispute arising out of the failed privatization of the “Putnik” travel agency by Uniworld Holdings, an American investor. In May 2007, the International Court of Arbitration (ICA), which is affiliated with the International Chamber of Commerce, ordered Serbia’s Privatization Agency to pay damages to Uniworld in this dispute, but the Agency refused to honor the arbitration award. Because Uniworld’s investment was partially in-sured by a U.S. government agency, the U.S. Overseas Private Investment Corporation, this has become a government-to-government claim. OPIC has unfortu-nately suspended its programs for Serbia because of the Uniworld case. Although the International Court of Arbitration recently issued a second award in the

As the global economy continues to recover, we expect to see a boost in exports from

the United States to Serbia and the Western Balkans


dispute, this time for the Privatization Agency, the first award remains valid, and on balance, Uniworld and OPIC are owed a significant sum of money. I be-lieve that a resolution of this case by the Government of Serbia would greatly serve to increase interest in Serbia by American companies while also enabling OPIC to once again offer risk insurance to U.S. firms looking to invest in the country.

► In mid-2005, the U.S. re-included Serbia in the scheme of the Generalized System of Preferences (GSP) which al-lows the custom-duty-free export of over 4,600 Serbian products to the United States. Has Serbia ful-ly utilized the advantages of the GSP and how aware are Serbian companies of the GSP?- I think that many Serbian compa-nies are aware of the GSP program and have taken advantage of it in the past. This long-running trade preference program allows the duty-free export of specific prod-ucts to the United States from se-lect countries, including Serbia, which boosts sales of those prod-ucts in the U.S. market.

Unfortunately, the GSP pro-gram expired at the end of 2010 and has not yet been renewed by the current Congress. This isn’t particu-larly unusual, it’s happened before. Congress has always renewed the program, and although there have at times been gaps in cover-age, GSP benefits have always been made retroactive upon renewal. Efforts are underway to work with the U.S. Congress on the reinstatement of the program. In the meantime, Serbian companies that were export-ing to the U.S. under the GSP program should advise their U.S. buyers to continue to apply for GSP ben-efits, which will facilitate refunds of tariff deposits when the GSP program is reinstated. The Embassy’s Economic Section is keeping the Serbian Chamber of Commerce informed of developments on this is-sue, and interested Serbian companies can contact the Chamber for the latest information.

► What should Serbia do in order to become even more appealing to American investors?- Serbia has numerous competitive advantages that I believe many U.S. and foreign companies are not fully aware of. For example, Serbia boasts a highly educated and multilingual work force and has free

trade agreements in place with Russia, Turkey and the EU. As such, I believe that Serbian officials and companies could benefit greatly from participating in regional and international trade forums and trade shows where they can showcase the country’s poten-tial directly to foreign investors in the industry sec-tors they would like to attract. Other concrete steps that I believe should be taken to make Serbia even more appealing to American investors include:

1. Pass a comprehensive law on restitution that clarifies property rights and property ownership in Serbia.2. Continue to implement the guil-lotine process to streamline regu-latory impediments to business.3. Ensure that agreements made to foreign investors who invest in Serbia are kept.4. Establish clear and transparent procedures regarding how phar-maceutical drugs are deemed el-igible for reimbursement within the Serbian health care system.5. Revamp the law on land con-version to mitigate the detrimen-tal effects this law has had on some American and foreign in-

vestors in Serbia who have had their projects frozen.

► The U.S. Embassy and AmCham are very ac-

tive in Serbia. How much can the Embassy and the Chamber help with introducing new investors, and do Serbian partners assist you in this respect?- We work closely with the Serbian government to support its efforts to attract new foreign investment to Serbia. We have excellent working relationships with the many Serbian government offices respon-sible for economic development, including SIEPA, and coordinate closely with these agencies when American companies contact us about their poten-tial interest in investing in Serbia. We also coordi-nate with AmCham to schedule meetings for poten-tial new U.S. investors with foreign companies al-ready established in Serbia so that the prospective investors can get an on-the-ground assessment of the challenges and opportunities of operating a busi-ness in Serbia. Successful U.S. and other foreign com-panies who have had positive experiences operat-ing in Serbia can be the government’s most influen-tial advocates and partners for attracting new inves-tors to Serbia. ■

We believe that Serbia offers excellent market opportunities

for many U.S. exports


Preferential Status Restored

"Individually, the Balkan countries are consid-ered a relatively small market which has dif-ficulty competing with the wealthier and larg-

er countries like Brazil, Mexico, Thailand or Russia, for U.S. investments. Hence, the regional princi-ple of joint market access within the framework of the CEFTA agreement presents a good opportunity for promoting our regional potentials to U.S. inves-tors,” says the Minister of the Economy and Regional Development for Serbia, Nebojša Ćirić, in an inter-view for this special edition.

► Politically speaking, the relationship between Serbia and the U.S. could be characterized as “we agree to disagree”. What is eco-nomic cooperation like?- The U.S. and Serbia established an economic re-lationship back at the time of the Principality of Serbia, when, in 1881, the two countries signed the Commerce and Navigation Treaty, which is still in force today. The United States of America is a very impor-

tant economic partner and we want cooperation with this country to significantly improve in the coming period, especially investment-wise. Companies like Philip Morris, U.S. Steel, Coca Cola, Ball Corporation, Van Drunen Farms, Galaxy Tire & Wheel and West Pharmaceuticals have been successfully operating in Serbia for years. I am confident that Serbia is capable of taking on even more U.S. investors. In the last ten years, via USAID, close to $800 million has been spent on the implementation of various projects in Serbia which have improved the living standards of the citi-zens of Serbia. However, despite the aforementioned positive results, economic collaboration between the two countries still hasn’t realized its full potential, and Serbia’s comparative advantages over other region-al countries and the free trade agreements that the

country has signed could be very appealing to American investors. If they decide to set up their production facil-ities here, U.S. investors can use Serbia as a base for ex-porting to third-party coun-

tries that have over a billion consumers. This is an ex-cellent opportunity for both countries.

► According to statements made by the Chairman of the U.S.-Serbian Business Council, the region of

nebOjša ćirić, Minister of the

Economy and Regional Development

By Slavka kOvač

The United States of America is a very important economic partner and we want cooperation with this country to significantly improve in the coming period, especially investment-wise. Companies like Philip Morris, U.S. Steel, Coca Cola, Ball Corporation, Van Drunen Farms, Galaxy Tire & Wheel and West Pharmaceuticals have been successfully operating in Serbia for years

The U.S. and Serbia established an economic relationship back

at the time of the Principality of Serbia in 1881

Preferential Status Restored

interview


the West Balkans is more appealing to U.S. inves-tors than individual Balkan countries. Is CEFTA one of the tools that can be used to our advantage when it comes to U.S. investments?- Individually, the Balkan countries are considered a relatively small market which has difficulty com-peting with the wealthier and larger countries like Brazil, Mexico, Thailand or Russia, for U.S. invest-ments. Hence, the regional principle of joint market access within the framework of the CEFTA agreement presents a good opportunity for promoting our re-gional potentials to U.S. investors. This was validat-ed at a recent investment fo-rum in Dubrovnik which tack-led the issue of potential co-operation between the region-al countries and U.S. compa-nies. It is really important for Serbia and the other countries in the region to jointly contin-ue to create investment op-portunities. I think that export and foreign promotion agen-cies need to work together on promoting regional countries as investment destinations. Having investments made in the CEFTA area is an excel-lent form of promotion for the entire region, as well as for each individual regional country. Serbia has already proven its economic pow-er in the CEFTA area and our foreign trade surplus is considerable here.

► Serbia declined to participate in the US-Balkans Business Summit in Baltimore. What is your take on that? Was there any chance of Serbia agreeing to participate?- In the upcoming period, we are going to try to use every single opportunity that comes our way to present our economic potentials and promote the in-vestment environment in Serbia.

► Has the U.S. restored Serbia’s status in the Generalized System of Preferences (GSP), which provides duty-free access to the American market for over 4,600 products of Serbian origin?- In the period between 2005 and 2010, Serbia had GSP status which allowed us to export over 4,800 products to America duty free. The U.S. Congress is supposed to restore the GSP status to our country in 2011. During Prime Minister Mirko Cvetković’s of-ficial visit to Washington in mid-April, the GSP was

one of the topics that he discussed with his American counterparts. For us, this is an important subject since having a preferential status would make ex-porting to the U.S. much easier and would reduce the deficit that Serbia has had in trading with the U.S. In 2010, Serbia exported $68 million worth of goods to America, while U.S. imports stood at $311 million.

► U.S. businessmen say that the Serbian govern-ment needs to have a more determined attitude and come up with concrete economic initiatives. What problems have American businessmen high-

lighted and what do they ex-pect the Serbian government to do in this respect?- We have been constantly communicating with AmCham, which is an association of U.S. investors in Serbia, as well as the U.S. Embassy’s Commercial Section and other relevant bodies representing U.S. busi-nessmen. This two-way com-munication was established with the purpose of exchang-ing suggestions and proposi-

tions and in order to make Serbia even more appealing to U.S. investors. Currently, there are two issues that could be considered prob-lematic. The first one is res-titution, which is something that Americans of Serbian

origin are particularly interested in, and the second issue is the privatization of the Putnik Company. Let me say that, for example, the U.S. has seven conten-tious issues with a country that is as regulated as Norway is, so we are not that bad. Everything else is being addressed as a need rather than a problem, such as reducing corruption and red-tape or con-structing infrastructure which is something that we are currently working on.

► The most recent U.S. investment in Serbia was made two years ago. What initiatives has the

Serbian side taken in

Currently, there are two issues that could be considered

problematic – restitution and the privatization of the

Putnik Company

Direct investments

In the period from 2000 to 2010, U.S. investments in Serbia amounted to $228 million, which makes the country the 15th largest foreign investor

in Serbia. However, since the investments made by U.S.-based companies like Philip Morris, U.S. Steel and others are registered as investments from countries other than America, the official value of these investments ap-pears lower than it actually is. The realistic value of U.S. investments in the aforementioned period is over $1.5 billion.


order to remedy this situation?- The year of 2010 was a year of economic crisis, and despite the financial downturn there were several excellent examples of U.S. companies re-investing in Serbia. Ball Packaging extended its production capac-ities in Serbia and, for this the company was awarded with a prize for the best greenfield investment in South-Eastern Europe. U.S. Steel, which is an example of good privatization, also decided to re-invest in Serbia. Last year, we talked to a U.S. ICT company called Sitel which, this year, is one of the beneficiaries of the govern-ment-sponsored investment incentives programme. In sum-mer, the company is due to start implementing its projects in Serbia. There is also another U.S. company called NCR which is on the brink of making an in-vestment in Serbia. We have been talking to couple of oth-er U.S. investors too. The me-dia failing to report on invest-ments does not mean that there have been no invest-ments. We have been invest-ing quite lot of effort into this. In March, the Serbian Investment and Export Promotion Agency (SIEPA) at-tended the biggest outsourcing conference in the world which took place in the U.S.A. and established contacts with various ICT companies who could be re-locating their production facilities to Serbia in the foreseeable future.

► This year, it is 130 years since Serbia and the U.S.A. established diplomatic relations. Is this anniversa-ry going to be marked by Serbia achieving more dy-namic communication with U.S. businessmen?- Promoting Serbia’s economic potentials is one of the aims of the country’s foreign policy and we will keep moving in that direction. Since November 2010,

we have had an economic advisor in Chicago who has been working on pro-

moting Serbia as a good investment location and pro-viding support to export-orientated Serbian compa-nies. We have also been working on establishing di-rect flights from Chicago to Belgrade and back. This summer, Phoenix-based airline Swift Air will have di-

rect flights from Chicago to Serbia. Delhaize recently ac-quiring the Delta Maxi super-markets is also a new busi-ness opportunity. Delhaize has quite a few shops on the U.S. East Coast and this could be one of the new distribution channels for Serbian produc-ers. SIEPA has funds available that are focused on promoting domestic products at trade fairs in America. There is al-so USAID Agribusiness which took Serbian meat producers to Wisconsin in mid-April, as well as to a renowned global meat convention called AMI that was held in Chicago.

► There are many older Serbian immigrants living in the U.S., as well as many people who have left in the last few years. Does this

have any bearing on the economic cooperation be-tween the two countries?- Some famous Serbs reached their professional peak in America. Let me just mention the scientists Nikola Tesla and Mihajlo Pupin, the writer Charles Simić, the basketball player Vlade Divac and many others. Business-related projects, like Microsoft setting up its development centre in Belgrade, are a direct re-sult of us having our software engineers working in Microsoft in the U.S. The Serbian-American Chamber of Commerce is quite active in Chicago. The Chamber is engaged in finding potential investors among Serbs living in America. Recently, in collaboration with the Serbian Chamber of Commerce and the Standing Conference of Towns and Municipalities, the Serbian Ministry for the Diaspora has put together a catalogue containing information on 193 locations suitable for

investing in. The catalogue can be viewed on the Ministry’s website. This is just one of the ways to fully utilize the potential of the Serbian diaspo-ra and not reduce this potential of Serbs living abroad and just sending money to their relatives in Serbia. The effects would be much greater if the Serbian diaspora could use their experience and money to launch businesses in Serbia. ■

Some famous Serbs reached their professional peak in

America

Investments

Agriculture is our strategic economic branch, and even during the eco-nomic downturn, agriculture continued to record excellent results and

generate substantial revenue. Van Drumen Farms is one of the U.S. compa-nies that have invested in Serbian agriculture. We do hope that, in the near future, other companies will also recognize the comparative advantages of the Serbian agriculture and food processing industry. Our new economic growth format is based on industrial companies increasing their exports.


Serbia initiat-ed the process of becoming a

WTO member on 4th February, 2005, when it filed a membership request that was sub-sequently accepted by the WTO General Council in March 2005. To date, Serbia has signed bilater-al protocols on con-cluding negotiations with several countries. Negotiations with the United States are on-going. This was just one of the topics we discussed during our

interview with Douglas Apostol, the Counselor for Economic Affairs at the U.S. Embassy, Belgrade.

► What is your view of these negotiations?- First of all, let me stress that the United States fully supports Serbia’s accession to the WTO. We are playing a very active and, I believe, helpful role in the negotiations leading up to Serbia’s membership.

As you know, the WTO accession process is rath-er complex, with both multilateral and bilateral com-ponents. The multilateral discussions are carried out

through a “Working Party” that meets periodically in Geneva to review Serbia’s progress toward accession. The United States is a member of the Working Party on Serbia’s WTO application, and I believe we have taken a very positive, productive approach to those discussions. The Working Party has met ten times so far, most recently in March 2011. Officials from the Office of the United States Trade Representative, the lead U.S. Government agency for WTO accessions, have actively participated in every Working Party meeting. Progress in those talks has been steady.

In parallel with these multilateral discussions, Serbia must negotiate bilaterally on market access is-sues with any WTO Member that requests to do so. As you point out, Serbia has signed bilateral proto-cols with several WTO Members recently, and I con-gratulate the Serbian negotiators for wrapping up those talks, including with the European Union on 11th January.

U.S.-Serbia bilateral negotiations have been busi-ness-like and productive, and we are making very good progress. The talks have centered on improved market access in three key areas – agricultural goods,

industrial goods, and servic-es. Progress has been partic-ularly significant in industrial goods and services.

I would also like to point out that we have provided Serbia with a great deal of

technical assistance to prepare for WTO member-ship. Ambassador Warlick has made Serbia’s WTO accession one of her top economic priorities, and she meets regularly with senior Serbian officials to encourage progress on unresolved issues. These are

DoUGlAS APoSTol, Counselor for

Economic Affairs, U.S. Embassy, Belgrade

By TaTjana OsTOjićPhotos ZorAn rAš

The United States is a member of the Working Party on Serbia’s WTO application, and I believe we have taken a very positive, productive approach to those discussions. I would also like to point out that we have provided Serbia with a great deal of technical assistance to prepare for WTO membership

Competiton drives firms to be more efficient, more

productive, and ultimately more competitive themselves

An Active and Helpful RoleAn Active and Helpful Role

interview


all indications of the United States’ strong commit-ment to see the accession process through to suc-cessful completion.

► When can we expect the U.S.-Serbia bilateral pro-tocol to be signed and what obligations will Serbia have following the signing?- There are still some complex discus-sions ahead of us, and I can’t give you a specific timeframe. I think it’s fair to say, however, that our bilateral discus-sions are moving towards an advanced stage. The results of all of Serbia’s bi-lateral WTO agreements, including with the United States, will be incorporated in-to Serbia’s final WTO acces-sion package, and the ob-ligations set forth in those agreements will go into ef-fect when Serbia becomes a WTO member.

► Serbia will have to adopt standards and legisla-tion that is consistent with WTo rules. What legis-lation do we need to change in order to become a WTo member?- There are many important areas in which Serbia must bring its laws and regulatory practices into con-

formity with WTO rules – including trading rights, state-owned enterprises, sanitary and phyto-sani-tary measures, export subsidies, safeguards for agri-cultural products, import restrictions, licensing, intel-lectual property, and others. A number of new laws

must be adopted, or old ones amended – a new Optical Disc Law, new patent legisla-

tion, and amendments to the Companies Law, to give a few examples.

One important unresolved ques-tion is Serbia’s treatment of agricul-tural biotechnology products, com-monly called “GMOs.” In 2009, Serbia

banned all such products from its do-mestic market. This type of blanket ban is

contrary to WTO principles. Simply put, without passage by the National Assembly of a WTO-consistent GMO law that establishes a science and risk-based system for regulating these products,

Serbia cannot accede to the WTO. I’d also like to stress that the extensive ground-

work going into preparations for Serbia’s WTO mem-bership will help Serbia tremendously in preparing for the complex negotiations for joining the EU. Much of the new legislation that Serbia must adopt before

WTO accession is a long and complex process, and the

Working Party can only move as fast as the accession candidate

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joining the WTO must also conform to EU require-ments. And while WTO membership is not strictly a legal prerequisite for Serbia’s accession to the EU, every EU Member Country, as well as the EU itself, is also a member of the WTO.

► The time from applying for WTo membership to actual accession can be very long. What is your forecast for Serbia’s WTo membership?- Past predictions about Serbia’s accession have proven inaccurate, and I can’t give you a specific date. WTO accession is a long and complex process,

and the Working Party can only move as fast as the acces-sion candidate. But while there is still much work to be done, Serbia’s WTO accession is proceeding well. As for the United States, we are prepared to move as quickly as we possibly can toward Serbia’s acces-sion, and we hope Serbia will conclude its negotia-tions to join the WTO soon.

► Currently, the Serbian economy is not sufficient-ly competitive in terms of prices, quality and quan-tity of goods. Full trade liberalization could mean the end of certain industrial branches in Serbia. Do you agree?- I think that for any country to be competitive, it has to open itself up to competition. Competition drives firms to be more efficient, more productive, and ulti-mately more competitive themselves. I have no doubt that with the right management, smart investments, and a commitment to success, companies in Serbia can be fully competitive in international markets. I

doubt that ten years ago people gave the Serbian steel or automotive industry much of a chance, but today U.S. Steel Serbia is the nation’s leading export-er, and Fiat has announced plans to produce a new car model in Kragujevac. There is a great deal of tal-ent here in Serbia, and your country enjoys a number of important competitive advantages. It will take hard work and commitment, and maybe a little bit of luck, but I am confident that Serbia can, and will, succeed.

► What is your assessment of the U.S.-Serbia eco-nomic relationship?

- In my view, the United States and Serbia enjoy an excellent economic rela-tionship, and we are work-ing to make the relationship even better. Here are just a few examples. U.S. com-panies have invested in ex-cess of $1.5 billion dollars in Serbia, and the Embassy is actively encouraging more American companies to es-tablish businesses here. The Economic Section is cooper-ating with Serbian aviation authorities to try to re-estab-lish direct passenger flights between the United States and Serbia for the first time in nearly twenty years. The first major U.S.-Serbia en-ergy conference was held in early April in Kragujevac. We are achieving success in our efforts to boost U.S. ex-

ports to Serbia in accordance with President Obama’s National Export Initiative, and more Serbian firms are looking to export to U.S. markets. I was happy to see, for example, that Mlekara Sabac recently began ex-porting kajmak to the Chicago area, where I grew up.

There are issues that we need to settle. A number of American citizen have suffered property seizures here over the years, and we encourage Serbia to en-act restitution legislation that addresses those claims. We also must resolve a dispute involving an American investor, Uniworld Holdings, which has resulted in a government-to-government claim and suspension of U.S. Overseas Private Investment Corporation pro-grams for Serbia. I’m hopeful that we can resolve these matters in the coming year, and I’m looking for-ward to working with Serbian authorities to establish the foundations for an even stronger U.S.-Serbia eco-nomic relationship in the future. ■

The United States and Serbia enjoy an excellent economic relationship,

and we are working to make the relationship even better


Corporate

We talk with Ball Packaging Serbia’s Plant Manager, David Banjai, about the success of the company in Serbia and their business results achieved to date,

for our Special Edition.

► Why have you decided to invest in Serbia? What are your experiences after seven years of local presence? - Ball Packaging has recognized the potential of Serbia as a re-gional leader. Our intention was to establish production in Serbia and to supply neighboring countries and other countries in Europe. Initial investment was more than 60 million USD and it was used to build facilities in Zemun. The factory in Serbia was proclaimed to be the biggest greenfield investment in South-eastern Europe in 2004 by the Organization for Economic Cooperation and Development (OECD). In 2011, BPE Serbia has grown into a local, export-oriented company, with 200 employ-ees and annual production of 770 million aluminum cans and is one of the leaders in Serbian economic development. We are very satisfied with our current business position.

► What is your relationship with Ball Corporation? What is Ball Packaging’s core business and who are your major clients?- Ball Packaging is a subsidiary of Ball Corporation, located in the United States, a supplier of high-quality met-al packaging for the beverage industry, food and household products. Ball Packaging pro-duces packaging for drinks, and our clients, globally and locally, are mainly producers of beer and soft drinks. We are trying to maintain a balance between large multinational corpo-rations, which are our main clients, and small-er local producers who are also very important to us, because we believe that successful busi-ness will flourish in a dynamic environment.

► Are you satisfied with the business results achieved by Ball Packaging in Serbia over the past few years?- Despite the economic crisis, Ball Packaging Serbia in the last two years has achieved economic and business growth. Each year is better than the previous one, and that is the reason why BPE in Serbia is often mentioned as one of the Ball factories with the best results. Almost the complete production of Ball Packaging Serbia is dedicated to exports to 12 European coun-tries. Having in mind the overall economic situation and the def-icit of our country in foreign trade, BPE Serbia has contribut-ed significantly to Serbian economic development. The Serbian Investment and Export Promotion Agency (SIEPA) awarded BPE with the Exporter of the Year Award for 2008, in recognition its successful business.

► Ball Packaging has reinvested 35 million euro in Serbia. Why did you decide to re-invest in Serbia and what are your expectations regarding further business development? - Having in mind our good business results we have achieved here in Serbia and after reconsidering market development in South-eastern Europe, Ball Packaging has decided to reallocate invest-ments from Poland to Serbia and to reinvest 35 million euro here for a new beverage can production line. With the new investment we will be able to double our production and increase our exports in the region and the EU, as well as to open 40 new positions with-in the factory. We believe that this valuable investment will serve

as a good example to other potential investors. ■

Despite the economic crisis, Ball Packaging Serbia in the last two years has achieved economic and business growth

Regional LeaderRegional Leader

DAvID BAnjAI, Plant Manager, Ball Packaging Europe Belgrade

CSr activities

Ball Packaging is dedicated to sustainable economic development, by work-ing with its employees, their families, local communities and the whole so-

ciety in order to improve overall living conditions. We are also very active in the field of recycling and raising awareness amongst the younger popula-tion regarding environmental protection. When we started to work in Serbia, we established two daughter-companies - Recan Fund and Recan Ltd. Recan Fund is a non-profit organization dedicated to the education of the younger generations about recycling. Recan Ltd. deals with the collection of used bev-erage cans and ensuring that aluminum returns to the production process.


Serbia Needs Rebranding

"Serbia’s competitive wage structure and highly educated workforce are really just now being discovered by U.S. firms look-

ing to expand their capacities in these markets," says Bradley Harker, Senior Commercial Officer at the U.S. Embassy to Serbia for our Special Edition.

► You are expecting that U.S. companies will contin-ue to invest in 2011. Have U.S. investors revealed their invest-ment plans for Serbia yet?- I expect several significant an-nouncements by new U.S. firms entering Serbia to be announced in the coming year. Of particular note is the interest of U.S. services companies who are looking to Serbia’s well educated, multilingual workforce to assist them with servicing their custom-ers in the region and in Western Europe. There is al-so significant interest by U.S. firms who are interest-

ed in Serbia’s energy market with a specific emphasis on renewable energy. The U.S. firm, Continental Wind Partners, together with a consortium of other foreign wind power investors, has formed the Serbia Wind Energy Association (SEWEA). We have been very sup-portive of SEWEA’s efforts to engage the Government of Serbia on the new energy law and the legislation that will be required in the law to permit the expan-sion and growth of wind power and other renewable energy sources in the country. SEWEA’s partner com-panies represent over one billion USD in potential new wind energy investments in Serbia that can go a long way to assisting the country with meeting its 2020 renewable energy targets.

► To what extent is the region, including Serbia, of interest to U.S. companies in terms of invest-ments, bearing in mind the fragmentation of these markets?- Serbia as an investment market has exceptional po-tential. The country has lucrative trade agreements with Turkey, Russia and the European Union that make manufacturing and/or the assembly of prod-ucts here a particularly good-value proposition for U.S. firms. The country’s competitive wage structure

and highly educated workforce, furthermore, are really just now being discovered by U.S. firms looking to expand their capaci-ties in these markets. The recent announcement by U.S.-based Johnson Controls to construct a

manufacturing plant for car seats as a supplier to the new FIAT automobile factory in Southern Serbia is a good example of a new-to-Serbia U.S. firm that will likely leverage their business with FIAT to further ex-pand manufacturing and sales in the region. As the

BrADlEY HArkEr, Senior Commercial

Officer at the U.S. Embassy to Serbia

By TaTjana OsTOjićPhoto ZorAn rAš

The most critical issue for Serbia and for the Serbian government is to ensure a stable and predictable business climate for foreign and domestic companies

I believe Serbia needs to rebrand itself to the international business

community

Serbia Needs Rebranding

interview


global economy continues to improve, I do expect to see an increase in overall investment in Serbia as companies move to capitalize on the competitive ad-vantages that this market represents.

► Compared to other regional countries, how con-ducive is the Serbian investment climate to foreign, i.e. U.S. investors?- The most critical issue for Serbia and for the Serbian government is to ensure a stable and predictable business climate for foreign and domestic companies. It is critical that the Serbian government protects ex-isting companies and investors from the increasing number of non-tax and as-sessment fees that are pro-liferating amongst cities and municipalities across Serbia.

► You have said that you ex-pect the investment climate in Serbia to improve in 2011. What do we need to do in or-der to accomplish this?- I believe Serbia needs to re-brand itself to the interna-tional business communi-ty. As part of this effort, the Government of Serbia should take a proactive role to pro-mote itself through active participation in regional and international trade related fo-rums. The country should also market itself at major international trade exhibitions in the industry sectors that it most wants to attract.

► What do U.S. companies who have invested here object to the most, and what types of problems do they encounter in Serbia?- U.S. companies that have invested in Serbia are, for the most part, pleased with their operations in Serbia. Companies like Ball Packaging, Phillip Morris, U.S. Steel and Pepsi, for example, have expanded their operations here. This said, U.S. investors, like all companies operating in Serbia, must contend with the often excessive, complicated, and bureaucrat-ic regulations that are pervasive in Serbia’s sprawl-ing public sector agencies. As such, it is important that the Government continues to work toward sim-plifying and eliminating regulations that impede the start-up, growth and expansion of companies in Serbia. We continue to cooperate with our partners at the American Chamber of Commerce in Serbia and at the Foreign Investors Council to identify specif-ic laws and regulations which should be included in

Serbia’s guillotine regulatory reform initiative.

► Which branches of the Serbian economy are the most appealing to U.S. investors?- The manufacturing, IT products and services, fran-chising, medical and energy sectors are the most ap-pealing sectors for U.S. investors. The agricultural sector, furthermore, has also begun to attract the in-terest of U.S. firms.

► In several of your recent speeches to the Serbian business community, you have discussed President obama’s ‘national Export Initiative’ (nEI). Can you

explain to our readers what the nEI is and how its im-plementation might bene-fit companies in Serbia?- President Obama’s ‘National Export Initiative’ (NEI) is a proactive approach taken by the President and by ex-tension, the U.S. Department of Commerce, to double ex-ports from the United States to overseas markets over the next five years. To help achieve this goal, the U.S. Department of Commerce has ramped up its export de-velopment and support ac-tivities to U.S. firms to as-sist them to grow and ex-pand their business over-

seas. Here in Serbia, this initiative translates to an in-creasing number of U.S. firms looking to find reputa-ble and qualified Serbian partners to assist them to sell their products in Serbia. This will benefit Serbian firms with new products and technologies that they can in turn sell to their customer base in Serbia and the region. Locally, the U.S. Commercial Service of-fice at the U.S. Embassy in Belgrade is also working with U.S. firms and their agents already operating in Serbia to assist them to promote their products and services to specific industry sectors in the country, help them to overcome regulatory and other busi-ness impediments, and to ultimately help them to grow their sales in the country. We see particular op-portunity for expanded collaboration between U.S. and Serbian firms in Serbia’s IT, medical, manufac-turing, energy and franchising sectors. Serbian com-panies and the local agents of U.S. firms operating in Serbia who are interested in how our office can as-sist them should contact the Commercial Section of the U.S. Embassy in Belgrade at +381-11-306-4800 for more information. ■

The manufacturing, IT products and services, franchising,

medical and energy sectors are the most appealing sectors for

U.S. investors


The United States of America is in fourth position on the list of the biggest export countries in the world, with the value of the country’s exports amounting

to $1.291 trillion. The most important American export products are agricultural produce, organic chemicals, capital goods and con-sumer goods. The U.S. is also the world’s big-gest importer with im-ports valued at $2.112 trillion. The most impor-

tant export partners to America are the neighbouring countries – Canada and Mexico, as well as China, Japan, Germany and Great Britain. The biggest import partners are China, Canada, Mexico, Japan and Germany.

So, in what position is Serbia on these lists? Out of the 156 countries that Serbia exports to, the U.S. is in 24th place. In percentages that is 0.69 percent of total Serbian exports. In terms of im-

Cooperation between Serbia and the U.S.

By SlAvkA kOvač

In respect of the ten companies that import the most from the U.S., Roche is in first position with 6.5 percent, followed by U.S. Steel from Smederevo, Magna Pharmacia from Belgrade, Srbijagas, Makler, Naftachem, Pharmaswiss, Jugohemija Farmacija and the Belgrade company Adoc. Petroleum Industry of Serbia (NIS) is in 10th position with 1.34 percent

The real impetus for Serbian exports was made on 1st July 2005 when the

U.S. included Serbia in the Generalized System of Preferences

Improving Trade ExchangeImproving Trade Exchange

eConomy


ports, out of the 201 countries that Serbia imports from, the U.S. is in 17th place, which is 1.85 percent of total Serbian imports – according to 2010 data collated by the Serbian Chamber of Commerce.

Customs duties on Serbian products are formal-

ly moderated with the customs duties of other countries. However, the real impetus for Serbian exports was made on 1st July 2005 when the U.S. included Serbia in the GSP (Generalized System of Preferences) which en-compasses 4,650 export products.

The duty-free arrange-ment on exports applies to most industrial and agri-cultural products with the exception of textile prod-

ucts, footwear and clothes, wrist watches, hand luggage, work

gloves, leather clothes, steel and steel products, glass and glass products and electronic products. The prod-ucts require a certificate of origin, i.e. at least 35 per-cent of a product has to be manufactured in Serbia and shipped directly from Serbia. Also, the export doc-

uments need to bear the letter ‘A’ meaning that the products from a certain country have been granted preferential status.

According to the Serbian Chamber of Commerce’s Information Technology and E-Business Centre, in the last ten years, ending on 31st December 2010, the value of the trade exchange between Serbia and the U.S. increased from $97.11 million in 2001 to $379.61 mil-lion in 2010. The biggest trade ex-change was recorded in 2008 – $566.8 million – but the follow-ing year it dropped considerably to $460.67 million. According to the same source, Serbia’s exports to the U.S. were the highest in 2007 when the country’s export revenue stood at $81.25 million. The subsequent years brought a drop in Serbian ex-ports. It is worth mentioning that, in the last two years, the value of Serbia’s exports to the U.S. was al-most identical – in 2009 it stood at $68.81 million, while in 2010 it was $68.24 million.

In order to increase their exports to America, Serbian companies need to provide a stable supply of goods, adhere to delivery deadlines and

adapt product design and standards to the demands of the U.S. market. Americans want to import Serbian trac-tors, car parts, machine parts, tools, hand tools, enamel pots and pans, crystal, furniture, food (especially organ-ic), textiles, clothes and footwear, and ferrous and non-ferrous metallurgical products.

When it comes to the structure of Serbian exports to the U.S. in 2009, 39.8 percent consisted of finished products, while the export of non-ferrous metals and rubber products made up 23.3 percent of overall Serbian exports to America. Serbian fruits and vegetables were in third position at 12.9 percent, followed by machines and transport devices with 11.1 percent. Chemical prod-ucts made up 10.7 percent of total exports, while mis-cellaneous products made up 2.2 percent.

Last year, Serbia mostly imported machinery and transport devices from the U.S. – 31.7 percent, chemi-cal products – 27.8 percent and miscellaneous finished

eConomy

Signed agreements

The U.S. and Serbia have signed several inter-governmental agree-ments covering economic and trade issues. One of them is the

Agreement between the Government of the United States of America and the Government of Serbia and Montenegro Concerning Economic, Technical and Related Assistance which was signed and ratified on 6th March 2001. The Agreement stipulates ways of the U.S. rendering eco-nomic, technical and related support to Serbia and Montenegro.

The second inter-governmental act is the Investment Incentive Agreement which came into force on 12th December 2001 and which provides protection to U.S. investments in Serbia. The Serbian Chamber of Commerce says that the two sides are due to start negotiations in re-gards to two legal acts that will be very important for the development of economic relations – these acts stipulate matters like improving and protecting mutual investments and avoiding double taxation.

Serbian export products require a certificate of origin, i.e. at least 35 percent of a

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products – 21.2 percent. Also, out of the total Serbian imports, metals made up five percent, fruits and vegeta-bles – 4.6 percent and various products – 9.7 percent.

According to Serbian Chamber of Commerce da-ta, in 2010, the Prvi Partizan Company was the big-gest Serbian exporter to America with 25.3 percent of total exports. The Copper Rolling Mill from Sevojno (Valjaonica Bakra Sevojno) was in second place with 16.5 percent, followed by the pharmaceutical compa-ny Hemofarm from Vršac at 10 percent, Šimanovci-based Agena Technology with 5.01 percent, and Rumaguma with 4.8 per-cent. The list also includes Van Drunen Farms Europe from Banatsko Karađorđevo, Zastava Weapons from Kragujevac and three companies from Belgrade – Gim Export & Import, Delta DMD and CPR Impex.

In respect of the ten com-panies that import the most from the U.S., Roche is in first

position with 6.5 percent, followed by U.S. Steel from Smederevo, Magna Pharmacia from Belgrade, Srbijagas, Makler, Naftachem, Pharmaswiss, Jugohemija Farmacija and the Belgrade company Adoc. Petroleum Industry of Serbia (NIS) is in 10th position with 1.34 percent.

Overall economic cooperation between Serbia and the U.S. will largely depend on how industrial ties between the two countries develop, especially in terms of the transfer of IT know-how to be used in the restructuring of the Serbian industrial sector. The Serbian Chamber of Commerce outlines that, in order for Serbia to increase its exports and overall industri-

al cooperation with the U.S., the country needs cap-ital and professionals that are familiar with contem-porary management and marketing methods. The two countries can advance their economic relations by Serbia being promoted as an investment destination, as well as finding opportunities for Serbian goods to become more visible in the American market, estab-lishing contacts between Serbian and American com-panies and Serbia applying U.S. standards and proce-

dures in both exports and im-ports. The Serbian Chamber of Commerce’s Foreign Relations Committee says that providing support to Serbian companies and Serbian trade associa-tions with their appearance in the U.S. market, in addition to lobbying in favour of Serbian goods, is vital for further de-velopment. Economic cooper-ation between the two coun-tries can also improve through the organization of promo-tional and other events where Serbian and American compa-nies could meet in an effort to make Serbian products more available in America.

The areas that have the strongest future in terms of Serbian/American cooper-ation are banking, energy, telecommunications, tour-ism and industry (especial-ly imparting IT know-how). Serbian organic food, min-eral water and textile prod-ucts could also be interest-ing to American consumers. The Chamber of Commerce says that marketing venues need to be improved too and

a national distribution centre established in order to pool companies that own megastores. At the same time, it is necessary to create a proper environment for U.S. companies participating in the privatisation process in Serbia.

Bearing in mind that the U.S. is considered the fran-chising centre of the world, this is where opportuni-ties for further cooperation also lie. In collaboration with the U.S. Commercial Service, the Serbian Chamber of Commerce established the Franchising Centre in Belgrade in 2007 with the aim of raising awareness about the advantages and opportunities of developing franchises in Serbia. ■

eConomy

The areas that have the strongest future in terms of Serbian/American cooperation are banking, energy, telecommunications, tourism and industry


"Since the establishment of the American Chamber of Commerce in Serbia ten years ago, it has had good cooperation with the Serbian

government. More precisely, AmCham has striven to be a constructive partner to the Serbian government in creat-ing a better and more predictable business environment. In this regard, we are glad that we have access to key partners from the government and that they understand the problems that AmCham member companies encoun-ter,” says Vladan Živanović, the President of the American Chamber of Commerce in Serbia for this special edition.

► In your opinion, what does the Serbian government need to do in order to attract even more U.S. investors to Serbia?- I think that attracting U.S. in-vestors does not differ much, or at all, from attracting other investors. What all business associations in Serbia per-ceive as vital for the continuation of investment cycles

is providing a predictable and

safe business environment, with proper treatment of the existing investors, who are the best ambassadors of Serbia as a favorable investment destination.

In regard to regulations which are crucial for both the existing and potential investors, I believe that Serbia should improve labour regulations and amendments to the Labour Law aiming at eliminating unnecessary bu-reaucracy and facilitating modern labour relations. Improving real estate regulations is one of the priorities for the next period, in order to ensure the faster issuing of construction permits and overall predictability. In addi-tion, it is very important to fine-tune tax policy, stop the proliferation of earmarked revenues and the sudden rise of local charges. Also, one of the topics particularly im-

portant for us, is the improve-ment of the Public Procurement Law and practices.

► AmCham also emphasizes the issue of intellectual prop-erty rights. In Serbia, soft-ware piracy stands at 74 per-

cent, which is double the EU average. How can we deal with this problem?- Although there are laws in place protecting intellectu-al property rights (IPR), their implementation is scattered over different parts of the administration and further work is needed to enhance their enforcement. To imple-ment laws, it is necessary for the state to act consistent-ly and to establish links among different parts of the ad-ministration focused on intellectual property rights pro-tection, as well as to initiate relations with regional peers in the aim of more efficient protection. At the same time, it is necessary to strengthen and build on relations be-

vladan ŽivanOvić, President of

AmCham

By SlAvkA kOvač

A predictable business environment and macroeconomic and political stability are the main prerequisites for sustainability of the existing foreign investments and the best recommendation for all potential investors who consider Serbia as an investment destination

In talks with AmCham, potential investors most often mention inefficient

and extensive bureaucratic procedures as key obstacles

A Constructive PartnerA Constructive Partner

interview

American banks

City Bank has operated here for six years and has facilitated large transactions such as the purchase of Telecom Srpska, advising on the

sale of Telecom, and other businesses when financing significant corpo-rate and treasury projects. I think that the arrival of American banks into the Serbian market is not directly related to the number of U.S. investors or the attractiveness of the country per se, but to the market size and proximity of markets where they have full operation, changes in their business models etc. The global crisis certainly did not help either.


tween the business sector and state bodies, in order to increase efficiency of IP protection through information exchange. Implementation of the law in the area of in-tellectual property rights protection in practice is impor-tant not only for improving the investment potential of Serbia but also directly benefits the state budget. Finally, IPR protection is also one of the prerequisites for the ac-cession of Serbia to the World Trade Organization and the European Union. We have seen that the government has been working on improving the situation recently, firstly though drafting the Law on Optical Discs and the Strategy of Intellectual Property Development. In addition, on the enforcement side, we have seen Tax Administration cre-ating a special unit for checking software legality as well as cracking down on pirate radio stations in cooperation with RATEL and the RRA.

► Serbia’s credit rating has im-proved slightly, but it is still far from being attractive for invest-ing. Also, the government seems to keep changing its decisions on a daily basis.- A predictable business environ-ment and macroeconomic and po-litical stability are the main pre-requisites for the sustainabili-ty of the existing foreign invest-ments and the best recommen-dation for all potential investors who consider Serbia as an in-vestment destination.

Serbia is a country en route to the EU and in the process of transformation there-fore a faster pace of regulatory changes is inherent to the process, and we fully understand and support it. On the other hand, regulatory unpredictability is present due to two basic causes. Firstly, laws that are adopted in accordance with the different action plans often lack implementation regulations for too long which creates regulatory insecurity as to how specific new institutes will be implemented. Secondly, we would definitely ap-preciate a more open and substantial discussion of the government with the private sector when changes of the regulations are made in order to assess all im-plications affecting the industry. Instead, we are wit-nessing frequent changes of regulations that have been hastily adopted, which could be remedied by an in-depth public discussion in the first place.

In talks with AmCham, potential investors most often mention inefficient and extensive bureaucrat-ic procedures as key obstacles. Although it is evi-dent that they mainly object to the procedures of obtaining construction permits. In the previous peri-od, AmCham member companies have also reported

the introduction of various para-fiscal charges and their significant increase at the local level, resulting in a high-er fiscal burden in all sectors.

► AmCham and FIC members, as well as other foreign business associations, are actively involved in drafting new laws in Serbia, especially ones that deal with la-bour rights, reducing excessive bureaucracy, etc. What improvements have been made in these areas?- During the global crisis, the government has successfully stabilized the economy, and the Ministry of Finance has, after an intense public debate which lasted three years, including the significant participation of foreign experts, completed the Draft Law on Capital Markets, including the most relevant suggestions of the private sector. The

Labour Law has not changed, and we understand the political sensitivity of opening the debate on amending the Law, however we believe that the ad-ministrative burden inherent to the current law should have been alle-viated. Nevertheless, I have to point out that 2010 can be described as a missed opportunity for more signifi-cant progress through the consistent implementation of the ‘Guillotine of

Regulations’. Only six out of 36 measures of the National Council for Competitiveness were imple-mented last year, 11 were in the process of implementation and five of them were partially imple-mented, and as a result, Serbia

was ranked three places lower on the competitiveness list of the World Economic Forum.

As a result of our recent advocacy efforts, AmCham suggestions feature in the new Corporate Income Tax Law, the Law on Health Care, the Law on Medicines and Medical Devices and the Law on Internal Trade, and sev-eral regulations adopted by the government: the Law on Capital Markets, the Foreign Exchange Law and Company Law, as well as eight additional by-laws pertaining to re-al estate regulations and international payments. ■

It is necessary to strengthen and build on relations between the business

sector and state bodies

Politics and business

It would not be correct to say that the elections have no influence on the economy. It is evident that pre-election time is not a time when investors

can expect a significant improvement in the reform process, simply because that is not the primary focus. On the other hand, EU candidacy as a goal of this government will maintain some pace of the regulatory changes in the areas the EU has put an emphasis on prior to the elections. I sincerely hope that the government will continue overcoming the key challenges of signifi-cance for the economic stability and further development of the investment climate in the country, since the perception of potential investors regarding Serbia as an investment destination will depend on it in the future.


Today Philip Mo-rris in Serbia is a company that

is achieving quite a lot in terms of trans-forming itself as an organization in order to respond to the in-creasingly challeng-ing business environ-ment that it is facing and to secure its abil-ity to compete both in the domestic market and within the Philip Morris International network, which is one of the worlds’ largest

cigarette manufacturing networks – says Paul Riley, Managing Director of Philip Morris in Serbia for our Special Edition.

► Can you tell us what your first impressions of Serbia have been since you arrived? - First of all, I have to say that ever since I learned that I was coming to Serbia I felt very enthusi-astic about it, mainly be-cause it meant that I was taking over the leader-ship of an organization that has a long standing tradition in Serbia and that in many ways repre-sents a role model not only within the Serbian to-bacco industry, where it is a strong leader, but al-

so in the country’s economy and the local com-munity as well. To me professionally, this repre-sents both a great honor and responsibility at the same time.

► Your arrival in Serbia coincided with the Serbian Parliament adopting the amendments to the law on Tobacco Excise. How do you perceive the regu-latory and business environment in Serbia?- When it comes to the regulatory environment in Serbia, one should know that the Serbian cigarette market is one which is highly regulated – for in-stance, the entire tobacco supply chain is licensed, from growers to retailers, the retail prices are fixed by manufacturers or importers, advertising is banned with very few exceptions and smoking in most indoor public places is banned. The regula-tory framework is continuously changing and that clearly represents a challenge for the business. During the process, the Government’s ability to en-courage and maintain constructive dialogue with the industry is critical. Giving the business an op-portunity to share experience and perspective can help create a regulatory framework that heralds a

level playing field for all the market players and sustainable business de-velopment to the benefit of the overall economy.

Unfortunately, the decision of the Government in December last year to suddenly additionally in-crease excise tax on cigarettes has undermined the certainty and predictability of the business envi-ronment for the entire tobacco industry in Serbia.

PAUl rIlEY, Managing Director of Philip Morris in

Serbia

By AnA sTOjanOvić

Since 2003, when DIN was privatized, we have invested over USD $1.1 billion in the factory for the development of technology, products and people

The ability to encourage and maintain constructive dialogue

with the industry is critical

Challenging Business EnvironmentChallenging Business Environment

Corporate


This is key to our industry that contributes to ap-proximately 13 percent of all Government reve-nues. What it is very important to understand in connection with this issue is that cigarette excise tax increases are necessary in the process of ap-proximation to EU tax criteria. This objective must be one of Serbia’s priorities. However, the only way to achieve it without jeopardizing market stability causing major economic damage to market players and budget revenues is to employ a long term plan with gradual increases of cigarette excise tax go-ing forward. That is why we are supportive of the adoption of a long term and transparent tax plan that would reestablish certainty and predictability for all market players, consumers and the State.

► Philip Morris was one of the biggest US inves-tors in Serbia when it acquired Tobacco Industry nis (DIn). How much have you invested so far and what have you focused your investments on? - Since 2003, when DIN was privatized, we have invested over USD $1.1 billion in the factory for the development of technology, products and peo-ple. I have to mention that I am extremely proud of the outstanding results achieved in our efforts to improve and modernize our manufacturing facili-ty in Serbia since its privatization eight years ago. However, we have to be realistic and bear in mind the extremely challenging environment which our in-dustry faces. In that con-text continuing to build the competitiveness of Philip Morris’ Nis factory within the Philip Morris International network will remain one of our priorities for the future.

Through a combination of financial investments and productivity initiatives we have been building the ability of our Nis factory to compete in such a challenging environment. The investments made into a machine for the production of slim-style cig-arettes has provided our Nis factory with the abil-ity to respond to consumer demands for the new formats in the fastest growing products segment.

► Have your business plans been affected by the economic circumstances of 2010? - Last year was a difficult year for the entire Serbian economy and our business in 2010 was not absolved from the negative impacts of the worsening of the overall economic conditions in the country. As a company, we remained commit-ted to our business objectives in Serbia and dem-

onstrated a great deal of perseverance to main-tain our market leadership.

► What have been your key business initiatives over the past year and what are your plans for the year to come?- Surely, in 2010 the most significant brand ini-tiatives were those related to the deployment of the new Marlboro brand architecture. Having in

mind the history and the longstanding success of Marlboro, this is obviously one of the most important strategic decisions in rela-

tion to our brand portfolio and represents a turning point for transitioning the image of Marlboro, the most successful cigarette brand worldwide. We are confident that the strong foundation we have built for Marlboro in Serbia will continue to breed suc-cess in the future.

In 2011, we will continue strengthening our po-sition of a market leader by carefully listening to the most sophisticated needs and expectations of adult smokers and growing our leading brand port-folio with the superior products that meet or ex-ceed consumer expectations.

► To what extent has Serbia used its tobacco pro-ducing potential and to what degree are cigarette producers involved in providing incentives for to-bacco growers?- Philip Morris in Serbia has been and will remain committed to purchasing quality and price compet-

We are open to and continually share our experience with

current and potential investors


itive domestic tobacco leaf. From 2005 to 2010, we procured approximately 20,000 tons of processed tobacco from Serbia. Our future leaf procurement plans are highly dependent on our manufacturing plans as well as on the availability of quality and price competitive tobacco in the domestic market.

Over the past years, Philip Morris in Serbia has invested significant efforts to support domestic

farmers in improv-ing the quality and quantity of tobac-co grown. Each year, we recognize and award the best farm-ers, who produced the best quality leaf of Virginia, Oriental and Burley tobacco in Serbia. This year, we will also introduce a community program entitled ‘EduCamp’ for the tobacco growing families. The objective of this program is to educate the farmers about soil protection and waste management and help them in their efforts to improve the quality of their agricultural practices. In this way we are hop-ing to further contribute to the development of the tobacco agriculture in Serbia.

► Apart from investment into business you have also invested a great deal into the development of the local nis community. - The community in which we run our business has been and still remains very important for us. Since 2004, we have financially helped a large number of projects that have supported the development of the Nis community. We have contributed with over

USD $12 million to programs that have helped ed-ucation, culture and art and solving various social problems. Today, we are focusing on the strategic programs in the area of education and job creation, because we believe that given the current business and social environment, by supporting these areas it is more likely to provide for long-term develop-ment and eventually trigger economic recovery in

the Nis community. I would like to highlight the

two projects that are unique in Serbia due to the innova-tive way they approach com-munity engagement. The first one is the program ‘Partnership for Education and Community Development’ that since 2004 has supported 276 talented students from Nis University and through which 56 student projects have been financed in the city of Nis. The second one is the project ‘Poverty Reduction through Support to Start-up Businesses’ through which, in 2010 and 2011, start-up grants were provided for over 100 new businesses in Nis, which provide economic sustainabili-ty for over 80 families.

What is crucial about our community based programs is the fact that we very careful-ly “listen to and monitor” the

needs of our community, and aim at proactively en-gaging in it via tailor made projects and programs.

► With your experience in Serbia so far, do you think you have a good story to share with other po-tential investors interested in coming to Serbia?- As one of the first and largest investors in the country, we are open to and continually share our experience with current and potential investors to help them better understand the business envi-ronment in Serbia. I am sure that Philip Morris in Serbia will continue playing an important role in supporting the country’s initiative to attract new investments as well as promoting and advocating responsible partnerships between the Government and the private sector. This is something that we already actively do as member of business as-sociations such as AmCham, FIC and the Serbian Chamber of Commerce. ■

The community in which we run our business has been and still

remains very important for us


Corporate

Nelt was established in 1992, with a major focus on im-ports and trade. It has developed successfully all these years, constantly improving the quality and range of serv-

ices and constantly investing in employee training. Distribution of consumer products represents Nelt’s basic activity in which it has an absolute competitive advantage, as it offers a com-plete service to its partners – from imports and customs clear-ing, warehousing, marketing, to sale and delivery, anywhere and anytime.

Nelt’s partners in the sphere of distribution include large in-ternational and domestic companies. Sales are organised accord-ing to territorial and functional princi-ples, taking into account the type and structure of buyers. The quality of products is guaranteed by companies which include: Procter&Gamble, Kraft Foods, Neoplanta, Hemofarm Stada, Bayer, and VIP Mobile...

Nelt’s main goal is providing the highest quality service lev-els in the sphere of distribution and logistics. All solutions have been adjusted to the needs of clients and the supply chain relies upon continuous technological improvements (WMS, GPS dy-namic supply routing…), and on developed infrastructure (mod-ern distribution centres across Serbia, Macedonia, Montenegro and Bosnia and Herzegovina). Recently, Nelt has established its subsidiary in Angola, with the intention to expand its business activities in the surrounding countries of the Central African re-gion, in the near future.

Logistic services along with the application of modern tech-nologies have enabled expansion because in 2007 a new busi-ness offer was launched – logistic services to third parties.

In the area of transportation Nelt offers an extensive and di-verse fleet of cargo vehicles, flexible and adaptable to any cli-ent requirements. Customs mediation services are also available to Nelt’s customers.

In 2008, Neoplanta one of the leaders in the meat indus-try in Serbia with more than a century of tradition in the manu-facturing and processing of meat products became part of Nelt, which marked the beginning of a new phase of development.

In the area of warehousing, Nelt offers a complete service, starting from acceptance and warehousing, to separation of goods according to or-ders. Nelt owns modern storage facil-ities for providing storage under dif-ferent conditions in terms of temper-

ature and different environmental requirements. Nelt also pro-vides product finishing and adaptation: product repackaging and labelling and the forming of commercial packs. Certification of Nelt’s complete system of business operations is in accordance with the ISO 9001:2008 and HACCP standards.

In financial terms, Nelt has been constantly increasing its net revenue: over the past seven years, the company’s revenue has increased more than five times. Nelt owes its success to its em-ployees. Initiative, teamwork, commitment, integrity and profes-sionalism are the key values of each Nelt employee. ■

Today Nelt is the leading distribution company in Serbia. ‘Development is equal to success’ - this

is the business motto thanks to which Nelt has become the leading company in terms of business

performance, knowledge and operational methods in the Western Balkan region

Nelt’s main goal is providing the highest quality service

levels in the sphere of distribution and logistics

NELT - Leading the Way NELT - Leading the Way


"Thirty nine Serbian companies have exhibited at U.S. food conventions on three occasions so far. We have been working on enabling our IT

companies to present themselves in the U.S., as well as Serbian furniture manufacturers to export to this coun-try,” says the Director of the Serbia Investment and Export Promotion Agency (SIEPA), Božidar Laganin.

► When referring to SIEPA’s plans for 2011, you said that you expected at least $4 billion worth of FDIs to be made in Serbia. How realistic a prediction is this?- True, SIEPA did forecast that this year’s FDIs would amount to $4 billion. We have plenty of rea-sons to be satisfied with the im-plementation of pending invest-ment projects and we are confi-dent that our projections will be realized particularly due to the Q1 results which have been really encouraging. The Belgium-based company Delhaize has acquired the Delta Maxi supermar-ket chain for €932.5 million, Fiat has started to implement its business plan, potential investors who we have been talking with are announcing new investments and the gov-ernment is negotiating the sale of Telekom Serbia.

► Following in Fiat’s footsteps, the U.S. company, Boston Power, has been looking for a location in Serbia to open a production facility. What is the current situa-tion in regards to this?

- The lithium-ion battery producer Boston Power has expressed interest in opening a production facility in Serbia, but just like many other U.S. companies, it had to put its plans on hold due to the economic crisis. We haven’t received any information so far about the com-pany abandoning its investment plans for Serbia. Even though the implementation of this project has slowed down, we are still communicating. We expect that in-vestment projects that have been successfully imple-mented during the economic crisis will serve as an ad-ditional motivation for other investors. For example, Fiat can be viewed as a magnet for other automobile compa-nies and a good reference for our country.

► American companies also wanted to participate in the construction of Corridor X, as well as invest in the Serbian electronics sector and bio-technology. last year, not a single U.S. investment was made in Serbia. Does that mean that U.S. companies are no longer in-terested in investing in our country?

- As an institution, SIEPA ena-bles foreign companies to get in touch with the relevant state au-thorities in order for investments to be realized in the most effi-cient way, for red tape to be re-duced as much as possible and for investors to be able to open-ly communicate with state au-thorities. American construction

companies did express interest in constructing Corridor X and have talked to the relevant ministries about that. They are still keen on the idea and I do hope that they will decide to invest as much as possible in Serbia.

► What is the real value of U.S. investments in Serbia?- Estimates have shown that U.S. companies have invest-ed $1.5 billion in Serbia so far. This is the data that we obtained through direct communication with companies and by way of various surveys that have been conduct-

bOŽidar laganin, Director of SIEPA

By SlAvkA kOvač

To date, American companies have invested $1.5 billion in Serbia

Encouraging Q1 results along with the implementation of

pending investment projects are expected to fulfill an anticipated $4 billion to

Serbia in 2011

Sitel Coming to BelgradeSitel Coming to Belgrade

interview


ed. Most of the U.S. companies have actually re-invested their profits. The National Bank of Serbia collects data about investments per country, according to the country where an investment comes from, not taking into con-sideration that many U.S. companies have invested from other foreign countries. The Netherlands is often men-tioned in this report since there are many branches of U.S. companies here that have invested and implement-ed projects in Serbia.

► In line with the Foreign Investment Act, in 2011, SIEPA publicly invited companies to apply for grants. Applications are now closed. How many companies applied?- The public call is closed and the response was good. A total of 52 companies applied and the relevant commission has decid-ed that SIEPA will grant funds to 25 projects from all over Serbia. The to-tal value of these investment projects is close to €175 million and, follow-ing their implementation, 6,058 new jobs will be created.

► Did any American companies apply?- The U.S. company Sitel applied. This is not a substantial invest-ment in terms of capital, but it is in terms of work as we are talking about a re-nowned ICT company that will open the door to new clients and young people looking for employment. Their project will be imple-mented in New Belgrade which, infrastructurally speak-ing, is best suited for such an investment. During stage one close to 300 new jobs will be created, but the project’s potential is far greater than this.

► What criteria did you use when allocating grants?- The funds are allocated in line with 10 criteria, as stipulated by the aforementioned Act. We had to con-sider the investor’s references, the role that domes-tic suppliers would play, new technologies, the effect that the investment would have on the productivity of other Serbian companies, sustainability of the in-vestment, human resources and the impact that the investment would have on the development of a cer-tain municipality or a town. Also, we need to be mind-ful of the environmental impact, export volumes, and import substitution. In addition to this, having a let-ter of support from a local self-government carries a certain number of points. This letter means that the project will not have to struggle with overcoming red tape at the local level.

► The Serbian government has been reshuffled and ministers who had been negotiating with foreign com-panies about investments in the past are no longer ministers. Does that mean that foreign investors’ in-terest in the Serbian market is declining?- I would like to emphasize that SIEPA facilitates commu-nication between potential investors and relevant insti-tutions. We address investors’ inquiries and requests and provide them with specific information. Therefore, all the relations are institutional; we don’t view them as person-al requests. On the other hand, the current Serbian gov-ernment is all about continuity. Not a single project in Serbia is in jeopardy. When the current Minister of the Economy and Regional Development was the Deputy Minister, he participated in projects that we support-

ed which made the whole process of adaptation much easier. Also, it takes time for new investors to adapt to the system, which needs to be predicta-ble and stable. This is something that all investors are looking for.

► How many Serbian companies have branches in the U.S.A.? Aside from fro-zen raspberries and šabac cream, what other Serbian products are American

consumers familiar with?- Serbian companies are present in the U.S. market via distribution centers. In addi-tion to frozen fruit compa-nies, Serbian food/confec-tionary producers like Pionir,

Bambi and Foodland also export to the U.S. The most rec-ognizable Serbian products in America are, as you men-tioned, Šabac cream, mushrooms, raspberries, jam, marma-lade, sweet red pepper relish, Serbian brandy and wine.

The company Hera is preparing to export frozen pas-try. They have already exported frozen burek to America. Serbian companies usually supply ethno-food shops in America and towns with a substantial number of Serbs. This distribution channel is the best since the shop own-ers know which people want to buy what products.

Thirty nine Serbian companies have exhibited at U.S. food conventions on three occasions so far. We have been working on enabling our IT companies to present themselves in the U.S., as well as Serbian furni-ture manufacturers exporting to this country. ■

During stage one of the Sitel project close to 300 new jobs

will be created, but the project’s potential is far greater than this

investment in bački Maglić

I’ve recently attended the official opening of the crisps factory Bački Maglić in which the U.S. company PepsiCo has invested over

$25 million. American and other foreign investors are always look-ing for the best possible investment locations and conditions in line with their business plans.


Corporate

Interactive Ad-vertising Bureau (IAB) Serbia’s fo-

rum titled ‘Digital Day 2011’ marked the official com-mencement of the operations of IAB Serbia. The event

was supported by IAB Europe (www.iabeurope.eu), IAB US (www.iab.net), USAID Serbia and IREX. Under the cre-do ‘Everything you wanted to know about interactive marketing’ – Digital Day 2011 included a wide variety of speakers ranging from global IAB representatives to lo-cal interactive marketing experts.

This was an opportunity to talk about the newly found-ed organization with Gabrijela Stjepanović, the Executive Director of IAB Serbia. Rade Tričković, Executive Director of HTTPool Serbia (www.httpool.rs) and Rade Mačković, CEO of Omnicom Solutions (www.omnicom.rs), members of the IAB Serbia Assembly and representatives of two of its mem-ber-companies also shared their views with us.

► What is IAB Serbia and what are your goals?- Gabrijela Stjepanović (IAB Serbia): IAB Serbia is a trade as-sociation established with the aim to promote and work on the development of the local interactive advertising mar-ket. We are fully committed to this goal by providing edu-cation, market transparency and communicating IAB’s glo-

bal values on the lo-

cal level. IAB Serbia intends to become the most respect-able objective authority for all digital and interactive mat-ters in the local market.

► What activities will IAB Serbia carry out in the near future?- Gabrijela Stjepanović (IAB Serbia): IAB plans to prove the value of the market through research and education. We aim to define and propose online advertising and meas-urement standards, conduct relevant market measure-ments in collaboration with third parties and introduce the relevant data from the local market into the AdEx report - the definitive guide to the European online ad market.

► Who can become a member of IAB Serbia?- Gabrijela Stjepanović (IAB Serbia): The power of IAB in

general comes from its extensive membership at the corporate level. Our corporate membership includes advertisers, major media groups, pub-lishers and portals, agencies, research companies and technology and serv-ice providers. The Association is open

for membership and everyone who is involved in the inter-active industry in Serbia is welcome to join.

► Who are the founders of IAB Serbia and why did HTTPool join the initiative?- Rade Tričković (HTTPool Serbia): IAB Serbia is strong-ly supported by the companies who are the top-level contributors to the local digital market directly bene-fiting from and recognizing the value of having a local online advertising trade association. HTTPool, as one of

the market leaders and certainly the pioneer of interactive advertising in Serbia, felt that its nat-ural role was to lead the establishment of IAB Serbia. Interactive advertising market transpar-ency and standardization is one of the HTTPool’s strategic aims and we feel that IAB will signif-icantly enhance the results that HTTPool has achieved over the last five years in this area. ■

Interactive Advertising Bureau Serbia

The forum of ‘Everything you wanted to know about interactive marketing’ included a wide variety of speakers ranging from global IAB representatives to local interactive marketing experts

The power of IAB in general comes from its

extensive membership at the corporate level

Digital Day 2011Digital Day 2011

The future of IAB Serbia

Rade Mačković (Omnicom Solutions): Omnicom as a technology and service provider wants to see IAB become the leading authority in the

Serbian market in areas of market research and transparency, business and technology standards as well as professional and ethical conduct within the digital industry. The standardization and enforcement of best practices pro-vide service providers such as Omnicom with the opportunity to concen-trate on what really matters – the best possible service for its clients.


MetLife Inc. is a leading global provider of insurance, annuities and employee ben-efit programs,

serving 90 million cus-tomers in over 60 coun-tries. Through its sub-sidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.

With over 140 years of experience, the MetLife companies are a leading innovator and a recog-nized leader in protection, planning, retirement and savings solutions around the world. They have established a strong presence in many coun-tries across the world through organic growth, ac-quisitions, joint ventures and other partnerships. They strengthen their global brand by extend-ing core products and competencies to markets around the world – an important driver of growth for the enterprise.

Around the world, the MetLife companies of-fer life, accident and health insurance, retirement and savings products through agents, third-party distributors such as banks and brokers, and direct marketing channels. They work with families, cor-porations and governments to provide them with solutions that offer financial guarantees in their lives. They have the experience, global resources

and vision to provide financial certainty in an un-certain world and they continue to work systemat-ically in order to offer their policy owners the pro-tection they anticipate for their financial future.

Metlife a.d.o. is a subsidiary of Metlife and acquired its license to operate in Serbia on 8th

August 2008. Metlife a.d.o. already services more than 2,000 clients in Serbia through its agency network and its cooperation with bro-kers and banks. Their plan for 2011 is to fur-

ther strengthen their presence in Belgrade and the other major cities of Serbia. ■

METlIFE

With over 140 years of experience, MetLife is a leading innovator and a recognized leader in protection, planning, retirement and savings solutions around the world

Their plan for 2011 is to further strengthen their presence in Belgrade and the other major

cities of Serbia

A Global LeaderA Global LeaderCorporate


The United States of America is often referred to as the “USA”, the “U.S.”, the “United States”, “America”, or simply “the States”. Flanked by the

Atlantic and the Pacific oceans, the U.S. is the third largest country by area and the third most populous. It has a land area of about 9.8 million square kilom-eters, which is about half the size of Russia and about the same size as China. It also boasts the world's third largest population after China and India, with over 300 million people.

The U.S.A. is a federal constitutional republic, con-sisting of 50 states and a federal district (District of Colombia). On its borders are Canada to the north and Mexico to the south. The state of Alaska is to the northwest of the continent, and the state of Hawaii is an archipelago in the mid-Pacific. The country also possesses several territo-ries in the Caribbean and Pacific. Its territory covers four time zones - six including Alaska and Hawaii.

The states which form the country cover an in-credibly diverse topography, from snow-tipped mountains and vast deserts to long coastlines. There are four distinguishable major relief units: the

Appalachian Mountains, coastal plains, central plains and the Cordillera. Alaska and Hawaii are not includ-ed in this division.

The United States, with its large size and geograph-ic variety, includes most climate types – from the con-tinental, subtropical and tropical, to continental, arid and alpine to that of polar in Alaska. Extreme weath-er is not uncommon - the states bordering the Gulf of Mexico are prone to hurricanes and most of the world's tornadoes occur within the country, mainly in the ar-ea between the Rocky Mountains and the Appalachian Mountains, popularly named Tornado Alley.

The capital of the United States is Washington DC. It was named after George Washington, the supreme commander of the U.S. Army during the American Revolution and the first president of the United States. The abbreviation DC

refers to District of Columbia, since a city is located in a separate federal district managed by the city govern-ment and in practice the city and the district overlap.

The headquarters of all three parts of the U.S. fed-eral government (executive, legislative and judicial) are located in Washington DC, as well as the head-

By nEvEnA Marčić

Washington DC was named after George Washington, the supreme

commander of the U.S. Army in the American Revolution and first

president of the United States

Driving Force of the WorldDriving Force of the World

FaCts & Figures

The U.S.A. is the world's foremost economic, political and military power, with global interests and an unmatched global reach

quarters of most federal services. The headquarters of the World Bank, the International Monetary Fund and many other international and domestic institu-tions are also located here.

The United States has a very diverse population. White Americans are the largest racial group at 77.1 percent, followed by the Afro-American population at 12.9 percent, the Asian popula-tion at 4.2 percent, Amerindian and Alaska na-tives at 1.5 percent, native Hawaiians and oth-er Pacific Islanders at 0.3 percent.

New York is the most populous city in the U.S. with over eight million citizens, and it is the centre of the New York metropolitan area, which is the one of the most populous metropolitan areas in the world. The United Nations headquarters are located here. The second biggest American city is Los Angeles with a pop-ulation of almost four million inhabitants, and the third largest is Chicago where ap-proximately three million people live.

The United States is officially a secular nation. The First Amendment of the U.S. Constitution guarantees the freedom to practice religion and forbids the es-

tablishment of any religious governance. According to official data, 78.4 percent of adults identified themselves as Christians, among whom the most numerous are Protestants and Catholics. The lead-ing non-Christian faiths were Judaism, Buddhism,

Islam, and Hinduism. About 16.1 percent of Americans de-scribed themselves as agnostics and atheists.

The U.S. dollar is the unit of currency of the United States, and is also the currency most used in international transactions. Several countries use it as their official currency and in many others it is their de- facto currency.

The second half of the nineteenth century saw rapid industrialization and the share of manufacturing in national income steadily increased


FroM CoWBoYS To MoDErn InDUSTrY The modern American economy traces its roots

back to the quest of European settlers searching for economic gains in the sixteenth, seventeenth, and eighteenth centuries. The New World then pro-gressed from a marginally successful colonial econ-omy to a small, independent farming econo-my and, eventually, to a highly complex indus-

trial economy. A vast, abundant, and hith-erto unknown world lay before the first Europeans who land-ed on the east coast of the Americas, which they aptly called the New World. Though dazzling in its spread and natural riches, the colo-nization of this newly discovered land by the major European powers was gradual.

While the Spanish, French and Dutch were suc-cessful in annexing territory and establishing trading posts in the sixteenth and seventeenth centuries, it was the British who became the dominant power in North America after The French and Indian War in the mid-eighteenth century. British attempts to recover the heavy cost of The French and Indian War through higher taxes in its American colonies led to wide-spread discontent. To make matters worse, Britain refused to grant political representation to the col-onists. Disenchantment with British rule eventual-

ly led to the American

Revolution and the Declaration of Independence. From the 13 colonies which declared independence, the U.S. later expanded its territory to the Pacific coast in the nineteenth century.

Territorial expansion facilitated large-scale or-ganized farming which led to substantial economic

growth. Expansion of the road and railroad networks provided easy market ac-cess for farm produce from the hinterlands. The sec-ond half of the nineteenth century saw rapid industri-alization and the share of manufacturing in national income steadily increased. Cotton ginning and cloth manufacturing formed the primary industry during this period.

Towards the end of the nineteenth century, exploitation of the coun-try’s vast mineral wealth accelerated the process of industrialization which came to be known as the

Second Industrial Revolution. Yet, unlike European countries which relied on resources from distant col-onies, the U.S. had extensive reserves of natural re-sources within its own borders. The steady flow of immigrants into the country ensured that a suffi-ciently large labor force was always available to meet industry demands. Coal and oil became the primary energy sources, large mines were opened, and mills were built to process the minerals into metal. Mass-production methods created unprecedented entre-preneurial opportunities, establishment of large in-dustrial empires, and the creation of incredible wealth for their owners. The era came to be known as the Gilded Age and by the turn of the century the U.S. had become the world’s largest economic force.

Facts & Figures

Official Name: United States of AmericaShort Form: America or United StatesAbbreviation: U.S. or U.S.A. Capital City: Washington DCISO Country Code: USGovernment: Federal presidential consti-tutional republic Current Constitution: June 21, 1788Geography: Location: North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico

Geographic co-ordinates: 38 00 N, 97 00 WArea: total: 9,826,675 sq km; land: 9,161,966 sq km; water: 664,709 sq km; coastline: 19,924 km.People:Nationality: American(s)Population (census 2010): 308,745,538Religions: Protestant 56%, Roman Catholic 28%, Jewish 2%, other 4%, none 10% Language : English 82.1%, Spanish 10.7%, other Indo-European 3.8%, Asian and Pacific island 2.7%, other 0.7%.

Literacy: total population: 97%GDP: GDP (purchasing power parity): $14.72 trillion (2010 est.)GDP (official exchange rate): $14.62 tril-lion (2010 est.)GDP - real growth rate: 2.7% (2010 est.)GDP - per capita (PPP): $47,400 (2010 est.)GDP - composition by sector: agriculture: 1.2%, industry: 22.2%, services: 76.7% (2010 est.)Public debt: 58.9% of GDP (2010 est.)

Today the United States is home to 29.6 million small businesses, 30

percent of the world's millionaires, 40 percent of the world's

billionaires, as well as 139 of the world's 500 largest companies

FaCts & Figures


CORPORATE TRAVEL

INCENTIVES

MEETINGS

CONFERENCES

EVENTS

HRG Serbia & MontenegroBT Pegrotour d.o.o.

Cubrina 4/4, 11000 Belgrade

Tel: +381 11 303 6016; 303 6017303 8920; 303 8921

Fax: +381 11 328 [email protected]

www.hrgworldwide.com

Member of:

THE EnTrEPrEnEUrIAl EMPIrEA central feature of the U.S. economy

today is the economic freedom afforded to the private sector by allowing this sec-tor to make the majority of economic de-cisions in determining the direction and scale of what the U.S. economy produc-es. This is enhanced by relatively low lev-els of regulation and government involve-ment, as well as a court system that gen-erally protects property rights and enforc-es contracts.

Today the United States is home to 29.6 million small businesses, 30 percent of the world's millionaires, 40 percent of the world's billionaires, as well as 139 of the world's 500 larg-est companies.

Agriculture is a major industry in the United States and the country is a net ex-porter of food. With vast tracts of temper-ate arable land, tech-nologically advanced agribusiness, and agricultural subsidies, the United States controls almost half of world’s grain exports. Products include wheat, corn, other grains, fruits, vegetables, cotton, al-so stock farming products like beef, pork, poultry, dairy products, as well as fish and forest products.

America's gross domestic product ac-counts for close to a quarter of the world’s

total, and its military budget is reckoned to be almost as much as the rest of the world's defense spending put together. The entrepreneurial empire, as the U.S. is often called, has a per capita GDP of $47,400.

The U.S. has a large portion of industri-al output, and leads the world in airplane manufacturing. The main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machin-ery, telecommunications, chemicals, elec-tronics, food processing, consumer goods, lumber, and mining. The U.S. produces ap-proximately 21 percent of the world's man-ufacturing output, a number which has re-mained unchanged for the last 40 years.

THE EConoMICCrISIS The 2008 finan-

cial market turmoil and the economic re-cession that followed was the worst crisis to have hit the American economy since the Great Depression. The

crisis had its roots in the spectacular hous-ing boom that lasted several years until 2007. The very low interest rates that were necessary to tide over the post-9/11 eco-nomic decline paved the way for an un-precedented increase in housing prices across the country. At the peak of the rally in 2006, average housing prices were way above their long term trend. Subsequently,

New York, along with London, is the global

financial nerve-centre and despite the financial crisis, remains a major driver of

U.S. economic growth

Serbs in America

Serbs began ‘con-quering’ America in

the early 19th centu-ry. There were quite a few Serbs who arrived on US soil in 1740, i.e. prior to Đorđe Šagić, also known as Đorđe

Fišer who is officially registered as the first Serbian immigrant to the U.S. in 1814. Today, there are over a million Serbs living in the United States of America, who em-barked on their cross-Atlantic adventure in order to ‘live the American dream’.

There are many Serbian immigrants who have quite impressive biographies with two scientists leading the group – Nikola Tesla (1856-1943) and Mihajlo

Pupin (1858-1935). Pupin arrived in the U.S. ten years before Tesla, and both of them became distinguished members of New York’s high society and both left an indelible footprint in the world of science. Tesla was known as ‘The Master of Light’, a genius and an eccentric, while Pupin (al-so known as ‘Mihajlo the Serb’) estab-lished strong social connections and struck up friendships with Theodore Roosevelt, Herbert Hoover, Warren Harding and many other U.S. presidents and businessmen.

In 1966, the U.S. Government declared the Pupin Physics Laboratory at Columbia University, where Mihajlo studied and lat-er lectured, a national historical treasure, while one of the units for measuring energy is called the ‘tesla’ after Nikola Tesla.

Nikola Tesla


when interest rates started rising, housing demand waned and prices started declining.

Unfortunately, a large number of mortgage bor-rowers were not prepared for the housing decline and defaulted on repayments. As a result of the fast growth in securitization over the last few years, these mortgage assets were held by investors in the form of complex financial instruments. When the mortgage defaults started rising, these instru-ments lost value rapidly as they were relatively il-liquid. The large institutional investors who held large positions in these se-curities suffered huge loss-es, which led to an erosion of their capital base, inves-tor confidence, and market liquidity. Many large banks and other financial firms

across the globe were pushed to the verge of fail-ure and market confidence dipped.

The U.S. government launched a series of programs aimed at providing financial support to troubled firms and to revive demand in the economy. Among the ma-jor initiatives were the $700 billion Troubled Assets Relief Program or TARP which provided capital sup-port to banks, the $787 billion American Recovery and Reinvestment Act which offered tax cuts, financial in-centives and infrastructure project funding to revive

the economy, and the

Public Private Investment Program for Legacy Assets designed to clean up the toxic financial assets from bank balance sheets. The U.S. government also took the lead in coordinating international efforts to manage the crisis and revive the global economy. The exceptionally large interventions by the government and the Federal Reserve helped to contain the economic downturn and prevent a repeat of the Great Depression. Though the recession was the worst in several decades, the recov-ery happened soon enough to avoid an extended peri-od of weak economic activity.

GrEAT InvESTor AnD InvESTMEnT DESTInATIon It may surprise many that

the U.S. remains the big-gest destination for invest-ment, despite the rise of oth-

er major economies in re-cent years. The cumulative stock of such foreign in-vestments in the U.S. now exceeds $3.1 trillion.

Further, the country has long remained the biggest source of invest-ments for the rest of the world. With outflows of $248 billion in 2009, total overseas investments by U.S. businesses surpassed $4.3 trillion.

New York, along with London, is the global finan-cial nerve-centre and despite the financial crisis, re-mains a major driver of U.S. economic growth. The U.S. is also home to the world's largest stock exchange, the New York Stock Exchange. In addition it boasts the world's largest gold reserves and the world's largest gold depository, the New York Federal Reserve Bank.

A large contributor to the country's success has al-so been a very strong and stable currency. The U.S. dollar holds about 60 percent of world reserves, as compared to its top competitor, the Euro, which con-trols about 24 percent. The U.S. dollar has maintained

Facts & Figures

Natural resources: coal, copper, lead, mo-lybdenum, phosphates, rare earth ele-ments, uranium, bauxite, gold, iron, mer-cury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber.Note: the US has the world's largest coal re-serves with 491 billion short tons account-ing for 27 percent of the world's total.Exports: $1.27 trillion (2010 est.)Exports commodities: agricultural prod-

ucts (soybeans, fruit, corn) 9.2%, indus-trial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunica-tions equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%.Imports: $1.903 trillion (2010 est.)Imports commodities: agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, tel-

ecommunications equipment, motor vehi-cle parts, office machines, electric power ma-chinery), consumer goods 31.8% (automo-biles, clothing, medicines, furniture, toys).Exports partners: Canada 19.37%, Mexico 12.21%, China 6.58%, Japan 4.84%, UK 4.33%, Germany 4.1% (2009).Import partners: China 19.3%, Canada 14.24%, Mexico 11.12%, Japan 6.14%, and Germany 4.53% (2009).

With outflows of $248 billion in 2009, total overseas

investments by U.S. businesses surpassed $4.3 trillion

U.S. President Barack Obama The New York Federal Reserve Bank

FaCts & Figures


its position as the world's primary re-serve currency, although it is gradual-ly being challenged in that role. Rising U.S. national debt and the related rise of China has led to some to call for re-placing the dollar as the world's re-served currency, but thus far this has been only speculation.

ForEIGn rElATIonS AnD THE MIlITArYThe United States exercises glo-

bal economic, political, and military influence. It is a permanent mem-ber of the United Nations Security Council, a member of the G8, G20 and Organization for Economic Co-operation and Development. America has a “special relationship” with the United Kingdom, and strong ties with Canada, Australia, New Zealand, Japan, South Korea and Israel. It works close-ly with fellow NATO members on mil-itary and security issues and with its neighbors through the Organization of American States and free trade agree-ments such as the trilateral North American Free Trade Agreement with Canada and Mexico.

The president holds the title of commander-in-chief of the nation's armed forces and appoints its lead-ers, the Secretary of Defense and the Joint Chief of Staff.

Total U.S. military spending in 2008, more than $600 billion, was over 41 percent of global military spending and greater than the next fourteen largest national military ex-penditures combined. ■

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Milovana Marinkovića 3, 11000 Belgrade,


The first inhabitants of continental North America arrived after the ice age from Asia across what is now the Bering Strait. These nomadic hunt-

ers eventually settled and developed into distinct groups. Their descendants were Native American cul-tures such as the Pueblos in the South West, Navajo in Arizona, Apache in Texas, Cherokee in North Carolina, Crow in Montana and Mohawk and Iroquois in New York State.

Norse explorers were the first Europeans to reach North America in the tenth century, establishing a settlement in Newfoundland, but it was Columbus who took the credit for the discovery of America in 1492. His arrival sparked a series of European visi-tors, including the Spanish, French, Dutch and British. The first settlement was set up by the Spanish at St Augustine in Florida in 1565.

The British presence in North America began with Walter Raleigh's Atlantic Coast explorations in the late sixteenth century, and in 1607 the first permanent colony was established by the Virginia Company at Jamestown, Virginia. In 1620 the English Puritan Pilgrim Fathers landed at Plymouth Rock in Massachusetts in their boat, The Mayflower. The Puritans wanted to establish a new society free from religious persecution and drew up the Mayflower Compact, a declaration of self-govern-ment. Shortly after, in 1629, another Puritan colony was set up in Boston.

By the mid 18th century, the inhabited parts of North America were largely divided between the French, the British and the Spanish. The French were effectively removed from the equation by the British during the French and Indian War, but victo-ry had a high price, and England attempted to re-coup its war costs by raising taxes levied on the col-

onies. Violent demonstra-tions and boycotts by the colonists stamped out many of the unpopular taxes, but the British con-tinued to charge a levy on tea. The colonies began to

turn back shipments or refuse to distribute them and the protests reached their height in 1773 with the Boston Tea Party, when a cargo of tea was dumped in the sea. The revolutionary war began in 1775 in Concord, Massachusetts, when colonials fired on British troops searching for a hidden colonial weap-

By nEvEnA Marčić

The United States of America was founded in 1776 along the east coast of North America, wedged between British Canada and Spanish Mexico. The original country consisted of thirteen states and territories that extended west to the Mississippi River. Since 1776, a variety of treaties, purchases, wars, and Acts of Congress have extended the territory of the United States to what we know it as today

Norse explorers were the first Europeans to reach North America in the tenth century, establishing

a settlement in Newfoundland

A Land of Promise and Hope A Land of Promise and Hope

History & Culture


ons cache. In the middle of the war, the Articles of Confederation were drawn up to unite the states and the Declaration of Independence was signed by all 13 colonial representatives on 4th July 1776, thenceforth known as Independence Day. The colo-nists won the revolutionary war in 1781 and the new United States Constitution was written in 1786 and ratified a year later.

During the nineteenth century the country ex-panded through a combination of land purchases, conflicts and negotiations that created a number of new states. However, tensions developed as the north and south grew further apart, with the Northern States abolishing slavery, while the Southern States continued their support of slave labor. The Northern States claimed victory in the American Civil War which end-ed in 1865 and slavery was abolished. The boundaries were then extend-ed westward to the Mississippi River, including the Spanish Florida. Together with the land received from France and with the purchase of Louisiana in 1803, the ter-ritory was almost dou-bled. After this, the United States became the military and economic leader of the Western world. For the next 50 years, America steamed ahead into the industrial age, with mas-sive growth in its economy and population. Hawaii was annexed in 1898, thus bringing together the 50 states of the U.S.A as we know them today.

The United States participated in World War I in 1917 and 1918. Women were granted suffrage in 1920 and Indian citizenship was recognized in 1924. The stock market crash led to the Great Depression in 1929 and the recession lasted until the late 1930s.

The United States entered World War II on the Allies’ side after the Japanese bombing of Pearl Harbor. The dropping of atomic bombs on Hiroshima and Nagasaki, forced Japan to surrender, thus end-ing the war.

THE TrEASUrY oF CUlTUrAl DIvErSITYThe U.S. owes its cultural diversity to centuries

of migration by people of different color, race, and creed from all corners of the world.

America has the most influential culture in the world in terms of music, literature, visual arts, fashion, sports and last, but not least, science and inventions.

The U.S. has produced several popular mu-sic genres that are known for blending regional,

European, and African influences. The best known of these genres are the African-American inventions of blues and jazz. Amongst the most important jazz composers and musicians are Louis Armstrong, Duke Ellington, Miles Davis, and John Coltrane. Popular swing jazz tunes were standardized by band lead-ers such as Glenn Miller. Rock 'n' roll, now a major cultural export, has its roots in these earlier popular forms. Major influences in rock and roll include Elvis

Presley, Jimmy Hendrix, Janis Joplin, and Bruce Springsteen.

American cinema and the American Film Academy Awards - the Oscars, insti-

tuted in 1929 - are well known all around the plan-et and Hollywood is considered the global symbol of the movie industry. Many of the best actors, actress and film makers in history have come from the U.S. in-cluding Elisabeth Taylor, Natalie Wood, Brad Pitt, Sarah Jessica Parker, Robert Redford, Dustin Hoffman, and Kevin Costner.

America is also the cradle of some of the most in-genious inventors and inventions. It is the mother-land of Robert Fulton, inventor of the steamboat, Samuel F.B. Morse, inventor of the telegraph and Morse Code, Dr. Jonas Salk, inventor of the Polio vac-cine, Orville and Wilbur Wright, inventors of the air-plane, and many others.

To the glory of the U.S., its culture has also contrib-uted eminent writers such as Edgar Allan Poe, Emily Dickinson, Ernest Hemingway, F. Scott Fitzgerald, Mark Twain and William Faulkner.

The United States has more than 4,000 universities, Harvard and Yale being amongst the most famous.

The New York Metropolitan Museum of Art pre-serves priceless artistic treasures, including works of art from classical antiquity and Ancient Egypt, paint-ings and sculptures from nearly all the European masters, and an extensive collection of American and modern art. ■

Among the most important jazz composers and musicians are

Louis Armstrong, Duke Ellington, Miles Davis, and John Coltrane

The United States has more than 4,000 universities, Harvard and Yale being amongst the most famous


The notion of travel is hard-wired into the human experience. In

ancient times, travel was motivated by the desire for exploration, discovery, and enrichment. And times haven’t changed. To ex-plore, to discover, and to become enriched still drives people to travel today.

The travel and tourism indus-try is one of the few industries credited with producing posi-tive balance of trade results for the U.S. economy. It is one of the largest employers, de-veloping workers at all levels and areas of expertise.

Last year alone the U.S. travel industry generated more than 7.4 million jobs with over $186.3 billion in payroll income for Americans. Communities

of all sizes benefit as well: the indus-try produces $100 billion in tax reve-nues for federal, state, and local govern-ments. International visitors generated tax revenues of more than $113 billion.

According to the United States Travel Association (USTA, 2010), each U.S. household would pay $950 more in taxes with-out the tax revenue gener-ated by travel and tourism. USTA also notes that direct spending by residents and international travelers in

the U.S. averaged $1.9 billion a day, $80 million an hour, $1.3 million a minute and $22,300 a second. But the travel and tourism industry is exceedingly com-plex. In fact, it has been called the “industry of indus-tries,” recognizing the fact that travel-related compa-nies range in size from multinational corporations op-erating out of high-rise towers to individuals selling travel products and services from their homes.

A lonG AnD rICH HErITAGETourism in the United States is a large indus-

try that serves millions of international and domes-tic tourists yearly. The USA has a long and rich herit-age, with an abundance of places of interest to vis-

By nEvEnA Marčić

The desire to travel – and modern society’s ability to do so – has made travel and tourism the number one industry of many countries of the world and the largest service sector export for the United States

USTA notes that direct spending by residents and international travelers in the U.S. averaged

$1.9 billion a day, $80 million an hour, $1.3 million a minute and

$22,300 a second

The Industry of IndustriesThe Industry of Industries

tourism

FAST FACTS: the United States travel and tourism industry (2010)

Tourism Industry- 2.8% of GDP- 7.72 million jobs – 5.49 million

direct; 2.23 million indirect- 1.2 million total jobs supported

by international travelers- $1.33 trillion in travel & tourism

total sales – $783 billion direct; $545 billion indirect


it that include: Washington D.C. – the nation's capi-tal and home to the president, the White House and numerous places of interest; Boston, Massachusetts – a very tourist-friendly city; Chicago, Illinois – featur-ing a wealth of tourist attractions; Las Vegas, Nevada - home to the casinos, enormous hotels, wedding chapels and an exciting nightlife; Miami, Florida – fa-mous for its beautiful beaches; New York, New York – the Big Apple, offering world-famous landmarks and attractions; and San Francisco, California – with won-derful beaches, major attractions and cable cars.

To date, 27 locations and objects have been in-corporated on the UNESCO World Heritage list. These include the Independence Hall, a building in Philadelphia where the Declaration of Independence (1776) and the Constitution of the United States (1787) were both signed; and the Statue of Liberty, made in Paris by the French sculptor Bartholdi, this towering monument to liberty was a gift from France on the centenary of American independ-ence in 1886. Standing at the entrance to New York Harbor, it has welcomed millions of immigrants to the United States ever since. Also on the UNESCO list is the Hawaii Volcanoes National Park, contain-ing Mauna Loa and Kilauea, two of the world’s most active and accessible volcanoes where ongoing geo-logical processes are easily observed, as well as the Grand Canyon at nearly 1,500 meters deep, is the most spectacular gorge in the world.

Tourists visit the U.S. to see natural wonders, cit-ies, historic landmarks and entertainment venues. Americans seek similar attractions, as well as rec-reation and vacation areas. However, many people also visit this country for cultural reasons – to at-tend the award ceremony of the U.S. Film Academy ‘the Oscars’, to enjoy live jazz music in New Orleans, to see a fashion show in New York one of the most prestigious fashion centers in the world, or to watch a new musical performance on Broadway.

THE HUGE rolE oF SPorT Tourism in the United States grew rapidly in the

form of urban tourism during the late nineteenth and early twentieth century. By the 1850s, tourism in the United States was well-established both as a cul-tural activity and as an industry. New York, Chicago, Washington D.C. and San Francisco, all major US cit-ies, attracted a large number of tourists by the 1890s. By 1915, city touring had marked significant shifts in the way Americans perceived, organized and moved

around in urban environments.The democratization of travel occurred during the

early twentieth century when the automobile revo-lutionized travel. Similarly air travel revolutionized travel between 1945 and 1969, contributing great-ly to tourism in the United States.

Since the 1960s, sport has become an interna-tional affair, attracting a considerable amount of me-dia attention, revenue, participants and political in-terest. Estimates of the U.S. sporting industry's size vary from $213 bil-lion to $410 billion. In 1997, 25 percent of tourism receipts in the United States were re-lated to sports tourism;

this would have valued the market at approximately $350 billion annually. The nature of the sport's me-dia relationship has been distinctly shaped by the emergence of American capitalism the 1830s. Sports in the United States have attracted tourists for many decades. The 1997 New York City Marathon attract-ed 12,000 visitors from outside the U.S. out of its 28,000 participants.

The travel and tourism industry in the United States was among the first commercial casualties of the September 11, 2001 attacks, a series of terror-ist attacks on the U.S. Terrorists used four commercial airliners as weapons of destruction, all of which were destroyed in the at-tacks with 3,000 casualties.

THE MoST PoPUlAr DESTInATIonSMain Square of New York’s

Times Square and the main street in Las Vegas - Las Vegas Strip - topped the ratings of the most popular tourist destina-tions in the U.S, compiled by the journal Forbes. In 2009, New York Times Square was visited by a total of 37.6 million tour-ists, and the runner-up in the

In 1997, 25 percent of tourism receipts in the United States

were related to sports tourism; this would have valued the

market at approximately $350 billion annually

In 2009, New York Times Square was visited by a total of 37.6 million tourists

Spending in the U.S. (2010)Total $134.4 billion 2010 Total Travel Exports by Country

1. Canada $20.8 billion

2. Japan $14.6 billion

3. U.K. $11.6 billion

4. Mexico $8.7 billion

5. Brazil $5.9 billion

6. Germany $5.8 billion

7. China $5.0 billion

8. France $4.1 billion

9. India $4.0 billion

10. Australia $4.0 billion


list, Las Vegas Strip, had 29.1 million. In the top three in terms of tourist visits are al-

so National Alley and a museum-park complex in the heart of Washington, on the esplanade, that hosts the annual celebration of U.S. Independence Day. Last year, this place was visited by 25 million tour-ists. The rating of the main attractions of the United

States also features the Hollywood Walk of Fame in Los Angeles and Golden Gate Bridge in San Francisco. San Francisco is the 15th most-visited city out of the 20 measured, but two of its attractions – Golden Gate National Recreation Area and Fisherman’s Wharf –

are amongst the country’s most popular. There are few images as stunning as Golden Gate Bridge. What’s more, the surrounding park’s size and prominence en-sures that visitors travel for miles in order to spend time there.

Even though many peo-ple dismiss Fisherman’s Wharf as tacky, its seafood restau-rants, rich history, sea lion viewing and various events of-fer a lot of options for fami-ly enjoyment. Disneyland in Anaheim, California was not left off the compilation – even sin-gles and newlyweds put the Magic Kingdom as a “must see”. Downtown Disney with its res-

taurants catering more to adults, shopping and en-tertainment – including AMC Theatres, The House of Blues and the ESPN Zone – continues to grow as a site for the whole family to enjoy. Home to both Disney World and Universal Studios, Florida, Orlando has become a family resort area on the Atlantic coast. A long shoreline with an abundance of affordable ho-

tels makes Orlando an an-nual pilgrimage for many eastern state residents.

With an annual tem-perature variance of about seven degrees, Maui auto-matically earns a spot on any list of warm weath-er vacation sites. Families can luxuriate at a myriad of resorts fronting white sandy beaches. More ad-venturous vacationers will find caves for spelunk-ing, brilliant blue skies for paragliding and rocky mountainsides for biking and hiking. Washington D.C., the nation’s capital,

provides a bonanza of experiences for every type of traveler. The most sophisticated of jet-setters will find entertainment and food to suit their mood and palate. And Chicago also

offers a variety of pleasures. It has a baseball team, a football team, a basketball team, an ice hockey team, famous restaurants and theatres to rival Broadway, re-nowned museums, lakes for water sports of all kinds and Frank Lloyd Wright architecture.

Of course, we shouldn’t forget Hollywood – a des-tination that attracts hundreds of thousands of vis-itors every year. The "heart" of Hollywood is at the intersection of Hollywood Boulevard and Highland Avenue. Some of the most famous Hollywood tour-ist attractions include the hand/footprints in the ce-ment courtyard of the Chinese Theatre, the Kodak Theatre, the Hollywood and Highland entertainment complex, and more.

Another favored tourist attraction is Niagara Falls – voluminous waterfalls on the Niagara River, strad-dling the international border between the Canadian province of Ontario and the U.S. state of New York. While not exceptionally high, the Niagara Falls are very wide. More than six million cubic feet (168,000 m3) of water falls over the crest line every minute in high flow, and almost four million cubic feet (110,000 m3) on average. It is the most powerful waterfall in North America. ■

There are few images as stunning as the Golden

Gate Bridge

visitors to the U.S. (2010)

Sources: U.S. Department of Commerce, International Trade Administration, Manufacturing and Services, U.S. Department of Commerce, Bureau of Economic Analysis; U.N. World Tourism Organization.

Total 59.7 million

1. Canada 20.0 million

2. Mexico 13.4 million

3. U.K. 3.9 million

4. Japan 3.4 million

5. Germany 1.7 million

6. France 1.3 million

7. Brazil 1.2 million

8. S. Korea 1.1 million

9. Australia 0.9 million

10. Italy 0.8 million

tourism


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[email protected] mEDIc Koste Jovanovića 87+381 11 30 91 [email protected] PhILhArmoNIc orchEsTrA Studentski trg 1111000 Beograd +381 11 32 82 977 [email protected] chEmIEPrilepska 111 000 Beograd+381 11 30 67 460bojovIć - DAšIć - kojovIć - ADvokATskA kANcELArIjA Dobračina 38 11000 Beograd+381 11 32 84 212 [email protected]žIć I sINovI D.o.o. Maksima Gorkog 2, Pančevo, +381 13 331 [email protected] www.bozic.rsbrITIsh AmErIcAN TobAcco souTh-EAsT EuroPE D.o.o.Bul. Mihajla Pupina 165G 11070 Belgrade, Serbia+ 381 11 31 08 [email protected] srbIjAGTC Milutina Milankovica 11B/311000 Beograd+381 11 33 03 924www.carlsberg.rscb rIchArD ELLIs D.o.o. Airport City BelgradeOmladinskih brigada 88b11070 Belgrade+381 11 22 58 [email protected] mEcoN Danijelova 12-1611000 Beograd +381 11 30 90 800 [email protected] D.o.o.Omladinskih brigada 8811070 New Belgrade +381 11 20 92 000 www.cisco.comcocA coLA hbc sErbIA A.D. Batajnički drum 14-16 ,11080 Zemun +381 11 30 73 100 www.coca-colahellenic.comcms rEIch-rohrwIG hAschE sIGLE D.o.o. Cincar Janka 311000 Beograd+381 11 30 30 136 [email protected] INTErNATIoNAL Bul.Mihaila Pupina 115d,11070 Novi Beograd+381 11 31 39 955 [email protected]. Oslobođenja 6111000 Beograd+381 11 36 36 [email protected] srbIjAProte Mateje 5211000 Beograd

+381 11 30 86 180www.consulteam.rsDAI PPEs ProjEcTStjepana Filipovica 32a11000 Belgrade+381-11-36 39 [email protected] coNfErENcE cENTAr Alekse Nenadovića 19-2311000 Beograd +381 11 34 41 186 [email protected] AND AssocIATEsVladimira Popovica 6 11000 Belgrade +381 11 26 00 [email protected] D.o.o. Terazije 8 11000 Belgrade +381 11 38 12 100 www.deloitte.comDELTA GENErALI osIGurANjEMilentija Popovića 7b11070 Novi Beograd +381 11 22 20 555www.deltagenerali.rsDELTA rEAL EsTATEMilentija Popovica 7b11070 Beograd+381 11 20 12 [email protected] sPorT D.o.o.Milentija Popovića 7v 11070 Novi Beograd +381 11 20 12 [email protected] cLub INTErNATIoNAL bELGrADE Njegoševa 72 11000 Beograd+381 11 30 81 626 [email protected] www.diners.rsDhL srbIjA Jurija Gagarina 36v 11070 Novi Beograd +381 11 310 55 [email protected] GrouP D.o.o.Autoput za Novi Sad 9611080 Zemun+381 11 35 32 [email protected] D.o.o. bEoGrADAerodrom « Nikola Tesla »11180 Beograd+381 11 22 86 [email protected] hyGIENE D.o.o Milana Tankosića 811000 Belgrade +381 11 20 84 344 [email protected] TrANsfErs D.o.o.Kosovska 1/V 11000 Beograd+381 11 33 00 [email protected] LILLy AND comPANy Vladimira Popovića 3811000 Beograd +381 11 65 50 001 [email protected] & youNG Bul. Mihajla Pupina 115d

11070 Belgrade, Serbia+381 11 20 95 [email protected] bANkAErste Bank a.d. Novi Sad Bul. Milutina Milankovića 11b 11070 Novi Beograd +381 11 20 15 008 EurobANk EfG Vuka Karadžića 10 11 000 Beograd+381 11 0800 111 [email protected] GrouPKnez Mihailova 911000 Belgrade + 381 11 32 84 488www.executivegroup.co.rsfArmEr & sPAIc Topličin Venac 11/V +381 11 32 88 850 11000 Beogradrangelov@farmer-spaic.co.rswww.farmer-spaic.co.rsfINDomEsTIc bANkABul. MIHAILA PUPINA 115 A11070 Beograd+381 11 33 31 [email protected] DATA scG D.o.o. Kopernikova 811000 Belgrade +381 11 20 71 100 [email protected] LIvING ProDucTsKumodraška 16211000 Belgrade +381 11 39 70 127 www.flpseeu.comfrEsENIus mEDIAcL cArE, PrEDsTAvNIsTvoJurija Gagarina 11- 11a11 070 Beograd+381 11 39 51 000G4s srbIjA G4S Secure Solutions d.o.o.G4S Security Services d.o.o. Terazije 31 11 000 Beograd +381 11 20 97 970Bežanijskih ilegalaca 311000 BeogradGEmAx Banjički Venac 28b11000 Beograd +381 11 30 61 800 [email protected] www.gemax.rsGLAxosmIThkLINE ExPorT LTDOmladinskih brigada 88 11070 New Belgrade+381 11 31 05 700 [email protected] GrouP D.o.o. Goranska 12

11300 Smederevo +381 26 225 273 [email protected] cAsINo bEoGrAD Bul. Nikole Tesle 311000 Beograd+381 11 22 02 800www.grandcasinobeograd.comGrANcD moTors - forD moTor Milutina Milankovića 2111070 New Belgrade+381 11 20 90 671 www.ford.rshArrIsoNs soLIcITors Bul. Mihajla Pupina 6, PC Ušće11070 Belgrade+381 11 3129 825www.harrison-solicitors.comhArvArD cLub of sErbIA Toplicin Venac 3 11000 Belgrade [email protected] koNcErN A.D. BEOGRADSKI PUT BB 26300 Vršac +381 13 803 [email protected] PAckArD Omladinskih brigada 90b11070 New Belgrade +381 11 20 55 800www.hp.rshoLcIm (srbIjA) D.o.o.cEmENT PLANT35254 Popovac+381 35 572 200Representative Office – BelgradeKoste Racina 1611000 Belgrade+381 11 36 06 000rmx PLANTPančevački put11000 Belgrade +381 11 33 19 [email protected] www.holcim.rshoNEywELL Bul. Zorana Đinđića 64A/IV11070 New Belgrade +381 11 21 20 355 www.honeywell.comhrG sErbIA&moNTENEGro Čubrina 4/19 11000 Belgrade +381 11 30 36 016 [email protected]/rshyATT rEGENcy hoTEL Milentija Popovića 511070 New Belgrade +381 11 30 11 234 [email protected] ALPE-ADrIA-bANk Bul. Mihajla Pupina 6a ,PC Usce

11070 N. Beograd+381 11 22 26 000office@hypo-alpe-adria.rswww.hypo-alpe-adria.rsIbm-INTErNATIoNAL busINEss mAchINEs Doo bEoGrAD Bul. MIHAJLA PUPINA 61070 NOVI BEOGRAD+381 11 20 13 500 [email protected]/rsIkEAAutoput 2211080 Beograd+381 11 20 98 874www.iicg.comINTErmoL D.o.o.Omladinskih Brigada 8811070 Novi Beograd+381 11 20 96 900www.intermol.rsINTEL offIcEs – sErbIAOmladinskih Brigada 88 Airport City FSO11070 BeogradjANkovIć, PoPovIć & mITIć orTAčko ADvokATsko DrušTvo Čarli Čaplina 37 11000 Beograd, + 381 11 20 76 850 [email protected]ć, mILovANovIć, sImIć LAw offIcETADEUŠA KOŠĆUŠKA 8 11000 BELGRADE + 381 11 30 31 227 www.jmslaw.rsjohNsoN & johNsoN Omladinskih Brigada 88-B/I11070 Beograd +381 11 35 36 700 [email protected] INTErNATIoNAL Vladimira Popovica 38 11070 New Belgrade +381 11 2050 300 www.jt-int.comkArANovIc & NIkoLIcResavska 2311 000 Belgrade+381 11 30 94 200KNSerbia@karanovic-nikolic.comwww.karanovic-nikolic.comkINsTELLAr Kneza Mihaila 911000 Beograd +381 11 32 10 200 [email protected] mILoš A.D.Južna industrijska zona b.b.34300 Aranđelovac +381 34 700 [email protected] bANkA A.D. bEoGrADSvetog Save 1411000 Beograd +381 11 0700 800 900

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www.kombank.comkoNsING GrouP D.o.o. Surčinski put 1311070 New Belgrade +381 11 71 95 871 office@konsing.comwww.konsing.comwww.place4antenna.comwww.konsing.netTELEcALL (koNsING GrouP)Milutina Milankovića 11a11070 Beograd +381 11 31 48 402 [email protected] www.konsing.comkPmG D.o.o. Kraljice Natalije 1111 000 Beograd+381 11 20 50 [email protected] fooDs bEoGrADOmladinskih brigada 88b11070 Novi Beograd+381 11 35 30 870www.kraftfoods.atLEo burNETT D.o.o. Danila Lekića 31 11070 New Belgrade +381 11 20 90 200 www.leoburnett.rsLExmArk INTErNATIoNAL rs DooProte Mateje 11 11000 Belgrade +381 11 24 35 [email protected] coNsuLTANTs Omladinska 1111070 Beograd +381 11 36 70 264 www.link-group.comL ‘orEAL bALkAN D.o.o.Bul. Zorana Ðindica 64a11070 Beograd+381 11 22 05 900 www.loreal.comLukA bEoGrAD Žorža Klemansoa 3711000 Beograd+381 11 27 52 [email protected]/TbwA Milovana Marinkovića 3 11000 Belgrade +381 11 39 80 343 [email protected]ć mALIšIć DosTANIć ATTorNEys-AT-LAwwww.gide.commAšINoProjEkT koPrING A.D.Dobrinjska 8a 11000 Beograd+381 11 36 35 700office@masinoprojekt.co.rswww.masinoprojekt.co.rsmccANN-ErIcksoN GrouP

Terazije 7-911000 Belgrade +381 11 20 22 [email protected]’s rEsTorANI D.o.o. Bul. Mihaila Pupina 85a11070 New Belgrade +381 11 31 19 566www.mcdonalds.rsmErITAs Micurinova 3621000 Novi Sad +381 21 443 948mETLIfE A.D.o. Omladinskih brigada 8811070 Beograd+381 11 20 92 900www.metlife.rsmETro cAsh & cArry D.o.o., bEoGrADAutoput za Novi Sad 12011080 Beograd+381 11 37 77 [email protected] sofTwArE D.o.o. Makedonska 30/IV11 000 Belgrade +381 11 33 06 600 [email protected]/rsmIkIjELj, jANkovIc & boGDANovIcVlajkovićeva 28 11101 Beograd+381 11 32 31 [email protected] www.mjb.rsmILLENNIum fILm & vIDEo D.o.o. Milana Rakića 6411160 Belgrade +381 11 38 20 383 [email protected]čEvIć vojNovIć zDrAvkovIć u saradnji sa SchoenherrFrancuska 2711000 Beograd+381 11 32 02 [email protected]ć & PArTNErs Krunska 7711000 Beograd +381 11 24 17 566 [email protected] co Maršala Tita 206 Dobanovci +381 11 37 79 100 [email protected] D.o.o. Pančevački put 8311210 Belgrade +381 11 20 84 942

[email protected] momENT - NEw IDEAs comPANyHilandarska 1411000 Beograd +381 11 32 29 992 www.newmoment.comNEw york TrADEKoste Glavinića 211000 Beograd +381 11 36 91 917 www.newyork.rsomNIcom soLuTIoNs D.o.o.Ljubostinjska 2/II11000 BelgradeRepublic of Serbia+381 11 34 43 [email protected] sErbIA AND moN-TENEGroBul. Zorana Đinđića 64a (GTC house),11070 New Belgrade 381 11 20 16 800 [email protected] www.oracle.comorIoN TELEkom Gandijeva 7611 070 Novi Beograd+381 11 22 28 [email protected] - rAcuNArskI INzENjErINGTakovska 45/VI 11000 Beograd+381 11 32 90 362 www.osa.rs/osa/sr/oTIsBul. Mihaila Pupina 165a11070 N. Beograd+381 11 21 34 [email protected] bANkA srbIjA A.D.Bul. oslobodjenja 8021000 Novi Sad+ 381 21 48 00 [email protected] & PArTNErs Djusina 2/611000 Beograd +381 11 30 37 432 jelena.kralj@pedersenandpar-tners.comwww.pedersenandpartners.comPEPsIco (A&P) Maršala Tita 204 11272 Dobanovci +381 11 84 69 [email protected] bEoGrAD Neznanog Junaka 511000 Beograd +381 11 36 74 133 www.pfizer.com/homePhILIP morrIs D.o.o Zorana Đinđića 64a

11070 New Belgrade +381 11 20 10 800 [email protected] www.pmintl.comPrIcEwATErhousEcooPErs D.o.o. Omladinskih brigada 88a11000 New Belgrade +381 11 33 02 100 [email protected] www.pwc.rsPrIcEwATErhousEcooPErs coNsuLTING D.o.o. Omladinskih brigada 88a11000 New Belgrade +381 11 33 02 100 [email protected] www.pwc.rsrAIffEIsEN bANkA A.D., bEoGrADBul. Zorana Đinđića 64a11070 Novi Beograd+381 11 32 02 100ruDNAP GrouP AD bEoGrAD Bul. Mihajla Pupina 6/21+381 11 22 24 [email protected] D.o.o. bEoGrAD Milentija Popovića 9Sava Centar11070 Novi Beograd+ 381 11 31 08 500 [email protected] - souTh bALkAN fuND Bul. Zorana Đinđića 67-211070 Beograd +381 11 21 29 524 [email protected] busINEss sysTEms Beogradska 3911000 Beograd +381 11 33 02 500 www.sbs.co.rssIEmENsOmladinskih brigada 2111 070 Beograd+381 11 20 96 338smArT koLEkTIv Alekse Nenadovića 3411000 Beograd +381 11 24 40 096 [email protected] GENErALE bANkA srbIjABul. Zorana Đinđića 50 a/b11070, Beograd+381 11 30 11 427sTrAcoN sEcurITyDjuriceva 611000 Beograd+381 11 38 22 401www.stracon.co.rssTrAuss ADrIATIc D.o.o, sErbIA offIcEsMiloša Obilića 41 22310 Šimanovci

+381 22 408 000 [email protected] www.strauss-group.rs www.doncafe.rssTuDIo bErAr Kosovska 3321000 Novi Sad +381 21 472-05-56 [email protected] D.o.o. Palmotićeva 12/I 11000 Beograd +381 11 32 26 [email protected] Kumodraška 24111000 Beograd +381 11 34 04 000 www.telefonija.rsTELEGrouP D.o.o. bEoGrADSvetozara Miletića 9a 11000 Beograd +381 11 30 81 [email protected] brigada 88b11 000 Beograd+381 37 79 900 [email protected] D.o.o.Omladinskih brigada 90 11070 Beograd+381 63/[email protected] GumE Doo, PIroTNIKOLE PAŠIĆA 213 +381 10 313 12118300 Pirot www.tigar.comTITAN cEmENTArA "kosjErIć"Živojina Mišića BB 31260 Kosjerić+381 31 590 303 [email protected] www.titan.rs Tmf sErvIcEsBul. Zorana Djindjica 64a11 070 Beograd+381 11 22 09 300u. s. sTEEL sErbIA, D.o.o. rADINAc 11300 Smederevo Republika Srbija +381 26 224 459 [email protected] bEoGrAD D.o.o.Omladinskih brigada 8811070 Belgrade+381 11 20 91 [email protected] Milankovica 134g11 070 Beograd

+381 11 20 24 170urbIs GrouP/ urbIs DEsIGN Trg Nikole Pašića 9M11000 Beograd +381 11 33 98 893 www.urbis-group.comusAID comPETITIvENEss ProjEcT Dalmatinska 17 11000 Beograd+381 11 27 69 464 www.compete.rsvAN DruNEN fArms Njegoševa BBBan. Karađorđevo +381 23 835 018 [email protected] www.vandrunen.rsvErANo GrouPVojvode Stepe 35211000 Beograd+381 11 30 94 731www.veranogroup.comvIP mobILE D.o.o.Omladinskih brigada 2111070 Novi [email protected] LTD NEwsPAPEr comPANy Trg republike 511000 Beograd+381 11 32 38 [email protected] PhArmAcEuTIcAL sErvIcEs RIMSKI JARAK BB 26220 Kovin +381 13 741 [email protected] wIENEr sTADTIchE Trešnjinog Cveta 1 11000 Beograd+381 11 22 09 800 www.wiener.co.rswoLfThEIssBul. Mihajla Pupina 6, PC Ušce11070 Novi Beograd+381 11 33 02 900www.wolftheiss.comwrIGLEy D.o.o. bEoGrADJurija Gagarina 36b11070 Beograd+381 11 21 20 [email protected] D.o.o.Baja Pivljanina 53a11040 Beograd+381 11 36 30 200 [email protected]žIvkovIć & sAmArDžIć LAw offIcE Maršala Birjuzova 111000 Beograd +381 11 26 36 636 [email protected]

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